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BC Government cutting down on cash transactions at casinos
The British Columbia Government is planning to move away from cash transactions at casinos in a bid to curb money laundering. The strategy was announced by the government's Gaming Policy and Enforcement Branch, which hopes to gradually phase out the use of physical cash in gaming establishments over an unspecified period of time.
"Ultimately, this strategy will have a layered approach offering a combination of convenience, incentives and requirements,” read the media statement. “This will isolate money laundering activity from legitimate gaming, enabling highly effective enforcement action."
Part of the changes will include allowing clients to cash in using certified cheques or electronic transactions, with wins between $5,000 and $10,000 to also be paid out in cheques. The plans also include increasing training amongst casino staff in regards to money laundering, and working closer with authorities to identify and track potential launderers.
In a follow-up statement by the Ministry of Public Safety, reps said: "A key objective is to transition toward greater use of electronic funds by making non-cash options more accessible and attractive to customers, while not discouraging legitimate play."
Source: CBC News
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