TORONTO, ONTARIO--(Marketwired - Oct. 24, 2016) - Canadian casinos have strong safeguards in place to deter and prevent potential money laundering activities. This is one of several conclusions made by international anti-money laundering expert and criminal lawyer Christine Duhaime in a newly published Question and Answer document titled "Casinos & Money Laundering."
Prepared on behalf of the Gaming Security Professionals of Canada, the document outlines the facts around money laundering and details the preventative measures, controls and technology that the industry has in place to comply with federal anti-money laundering laws and deter casinos being targeted for money laundering. The author reviewed the practices of the industry and notes:
"In order to prevent casinos from being targeted by criminals for money laundering, Canadian gambling jurisdictions have implemented robust countermeasures, including policies, procedures and training that allow for the detection and reporting of such transactions, which in turn deters criminals from using casinos for money laundering."
The Q&A provides an overview of the regulated gambling landscape across Canada, along with information about the checks and balances that are in place to mitigate against financial crimes. The author finds that, to date, there are no known cases in Canada where a person has been convicted of a money laundering offence involving a casino. The document concludes:
"Virtually every transaction at a casino in Canada is video recorded, making casinos one of the highest risk locations to potential money launderers. Canada's strict enforcement of anti-money laundering law ... the presence of security and surveillance personnel at casinos, and the inability of criminals to complete large financial transactions anonymously with cash, chips or by converting currency or electronic funds transfers, makes Canadian casinos unattractive to would-be money launderers."
The Casinos & Money Laundering Q & A is available on the GSPC website.
About the author:
Christine Duhaime is a global lawyer and Certified Financial Crime and Anti-Money Laundering Specialist. Christine is frequently consulted to advise on complex and emerging legal issues in connection with financial crime, terrorist financing and money laundering risk mitigation and compliance. She advises financial institutions, securities brokers, law firms, accounting firms, gaming companies, FinTechs, digital currency companies and regulatory agencies. For more information, visit duhaimelaw.com.
About Gaming Security Professionals of Canada (GSPC):
GSPC is a not-for-profit organization that focuses on ensuring the safety, security and integrity of the Canadian gaming industry, while providing a forum for members to communicate, educate and share best practices. For more information, visit gspc.ca.