HomeNews ❯ Provinces Struggle with Money Laundering Convictions

Advertiser Discolusure We want to bring you the best content and the best offers. Just so you know, we may collect compensation from the links on this page and some of our reviewers are compensated for contributing content to this website.

Provinces Struggle with Money Laundering Convictions

Money laundering is clearly a big issues province-wide across Canada. B.C. has borne the brunt of it, but it’s clear that this is a problem that has to be addressed. The problems of money laundering have been well-documented over the past year or so, and the government seems to be trying everything in a bid to attempt to quell this problem as much as possible.

The full-scale of the problem did not come to light until earlier this year when it was revealed that the true figures involved in money laundering were actually double what was expected. It seems that the true figure lay at close to $2 billion, and this has prompted the government to have to take more decisive action in dealing with the problems.

money laundering

There have also been suggestions that casino staff working at flagship establishments across the country were aware of money laundering going on, and turned a blind eye to it. Of course, this presents a lot more questions in the future, and suggests that perhaps a nationwide shakedown of Canada’s casinos is necessary.

It seems that there are plenty of other problems too, that will not go away. For instance, it seems as though provinces are struggling to get convictions in money laundering cases. Between 2000 and 2016, it seems more than 800 cases of money laundering resulted in no convictions, whilst only 321 actually saw a guilty verdict. There could be a number of reasons behind this, and forensic accountant Matt McGuire suggests, “It’s quite clear the system isn’t working. It’s mind-boggling.”

We know that money laundering has become a key focus for the federal and provincial governments across Canada. With the Prime Minister even getting involved in order to help improve the way in which criminal activity is dealt with. Indeed, money laundering might be a problem that begins in casinos, but it affects many other industries across the country, most notably the real estate sector.

The faster our casinos are cleaned up and the spread of money laundering is stopped, the better it will be for the future, and for the economy. Now, there are concerns about why this sort of criminal activity seems to be so hard to get a conviction for. And this is something that the government needs to look at for the future. There could be a lot of issues that might impact this, and it is sometimes important to look deeper at the problems we might be facing within the country.

Hopefully, 2019 will be the year we see some serious inroads made into the issue of money laundering, as well as what can be done to get a better handle on the situation. Organised crime has been an issue province-wide, and the sooner this is tackled the better it will be for everyone.

FAQ about Online Casinos in Canada

Follow the Latest Casino News

OCC Weekly News Digest #11

July 30, 2020 Read ❯

OCC Weekly News Digest #10

July 23, 2020 Read ❯

OCC Weekly News Digest #9

June 25, 2020 Read ❯

Read More News

All rights reserved 2020.
Gambling can be addictive, Please Play Responsibly.

Follow Us: