A new report, “Casinos & Money Laundering,” prepared by international anti-money laundering expert and criminal lawyer Christine Duhaime for the Gaming Security Professionals of Canada claims Canadian casinos have implemented effective safeguards to deter and prevent potential money laundering activities. Duhaime stated, “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.”
Duhaime found that to date no known cases in Canada involve anyone being convicted of a money laundering offence involving a casino.
Duhaime wrote, “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.”
In addition to the facts about money laundering, the study details the preventative measures, controls and technology the industry uses to comply with federal anti-money laundering laws and prevent casinos being targeted. The Q&A section offers an overview of the regulated gambling landscape across Canada, plus information about the checks and balances that in place to fight financial crimes.
