How Canadian Casinos were Used to Launder Chinese Millions

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How Canadian Casinos were Used to Launder Chinese Millions

Post by CEOCambodiaNews » Mon Oct 15, 2018 8:06 pm

How criminals used Canada's casinos to launder millions
15 October 2018
Earlier this year, Eby’s office tasked a former police officer and money laundering expert with delving into the model. Peter German’s first report, made public in June, outlined how the scheme worked and linked the practice to wealthy Chinese citizens seeking to circumvent their own country’s currency controls.

Before traveling to Canada, ostensibly to gamble, these individuals would arrange to have someone deliver cash to them in Vancouver or the surrounding regions. In exchange, they transfered money from their bank account in China to another account in China.

“The money that they receive in Vancouver is the money that is the proceeds of some sort of crime – we just don’t quite know which. We have some guesses, but we don’t know yet,” said Eby. “They show up at the casino and someone meets them at the casino and gives them a box or bag full of cash and they then walk into the casino.”

The stacks of neatly-bundled cash are used to buy casino chips. From there, any gambling losses flow into provincial coffers, while winnings come out clean.
“At the end of the day, a gangster is able to pass off a bag full of 20s and end up with the money transferred into their bank account in China or somewhere else in the world,” said Eby. “And the person who is actually spending the laundered money at the casino – when they do the background checks – is not the actual criminal who generated the 20-dollar bills in the first place.”

https://www.theguardian.com/world/2018/ ... uver-model
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Re: How Canadian Casinos were Used to Launder Chinese Millions

Post by bangkokhooker » Mon Oct 15, 2018 9:06 pm

On the other hand Canada casino revenue is $8 billion dollars in 2017. (CAD, USD I can’t be bothered to look)

“Millions” is what, maybe less than 1 billion, otherwise they’d say “half a billion” or “nearly a quarter of a billion”, so let’s say it’s probably more like 200 million...

Not much in the grand scheme of things.


(This is the damn Russians again, with their fake news. Or the Irish)
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