BCLC today delivered its opening statement to the Commission of Inquiry into Money Laundering in British Columbia (Inquiry), focusing on the organization’s commitment to safeguard B.C. casinos from criminal activity.
BCLC supports the provincial government’s decision to establish an Inquiry and continues to cooperate with Commissioner Cullen, in accordance with the Inquiry’s Rules of Practice and Procedure, throughout the entirety of the process.
The Inquiry has granted participant status to BCLC, represented by Mr. William Smart, Q.C., Hunter Litigation Chambers Law Corporation, as BCLC’s lead counsel.
BCLC looks forward to contributing to the Inquiry’s work to find solutions to the threat money laundering poses, while also helping British Columbians better understand BCLC’s specific role in the anti-money laundering regime, and the actions it has taken and continues to take to improve anti-money laundering controls in B.C. casinos.
Organizations in industries that manage large volumes of money, such as banks, insurance companies and casinos, need to comply with federal anti-money laundering legislation, including reporting to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
BCLC’s role is to identify and report specified transactions and circumstances to FINTRAC. While BCLC has a role in the prevention of money laundering, BCLC also collaborates with regulators and police, which are responsible to detect, investigate and seek charges against anyone suspected to be involved in money laundering and other criminal activities.