First Indictments Made In BC Casinos Money Laundering Case
Silver International Investment is facing criminal charges after the investigation discovered this money transfer agency was used to transfer funds to Chinese casino players illegally.
Two Chinese were charged with money laundering, possession of property obtained by crime and failing to reveal the identity of a client, while the agency is accused of allowing criminals to transfer funds which were later used in British Columbia casinos.
Natalia Houle, Royal Canadian Mounted Police spokeswoman, confirmed the charges had been laid and added the accused would appear in provincial court in Richmond on October 30.
What Will Happen to Casinos?
At this point, it is still unclear what will happen to those British Columbia casinos which are involved in this scandal, especially since they did little or nothing at all to prevent the money laundering by Chinese high rollers.
Attorney general’s 2016 report revealed a widespread money laundering at casinos across British Columbia, especially in Vancouver-based River Rock Casino Resort, but the then provincial government chose to ignore the report entirely.
According to the report, the casinos involved in the affair allowed their customers to buy chips using money from the private lenders.
More than $5.3 million worth of chips were bought during 2015, using the money from those lenders that were under anti-money-laundering restrictions.
The Royal Canadian Mounted Police gave no other information aside from the names of the accused.
On the other hand, Silver International Investment’s lawyer didn’t wish to comment the charges made against his client.
It seems the full scale of this money laundering operation is yet to be revealed. In the meantime, the Canada Revenue Agency (CRA) has joined the investigation which is still underway.
The CRA spokeswoman, Heidi Hofstad said the cases were complex and required time to complete.