The Canadian Gaming Association (CGA) has welcomed the release of the German Report and the recommendations put forward to improve anti-money laundering policies and practices in British Columbia’s gaming industry. The report, produced by Peter M German, of Peter German & Associates, tracks the rise of money laundering in Lower Mainland casinos in BC and makes recommendations to stamp out the activity.
In a press statement, the CGA said it agreed that it is time for both the provincial government and casino industry to move forward together to build strong regulatory framework for BC and believes that the German Report recommendations will enhance the regulatory framework by building clear lines of responsibility for casino operators, BCLC, and the new gaming regulatory agency.
“The CGA commends Peter German for his work on the report,” commented Paul Burns, president and CEO of the CGA. “We support the recommendations and embrace the creation of a stronger, more modern regulatory framework in BC.”
As the Hon. David Eby, British Columbia’s Attorney General said earlier this week in his comments, recent events in British Columbia have demonstrated that gaming operators are doing excellent work at identifying, collecting and reporting suspicious financial transactions, citing last month’s arrest of an international casino money-laundering suspect.
In conclusion, the CGA said it looks forward to working with the Canadian casino industry on the implementation of the recommendations.
In the report, German noted that for many years, certain Lower Mainland casinos had unwittingly served as ‘laundromats’ for the proceeds of organised crime. However, he acknowledged that through a combined effort on the part of the police, public and gaming industry, the quantity of suspicious money entering casinos had dramatically fallen from its high point in 2015.
German made a long list of recommendations in his report including improvements in federal and provincial reporting. He also advised the need for British Columbia to transition to a new independent gaming regulator in the form of a service delivery crown corporation, with a board of directors and a CEO.