Lottery Corporation Wants Changes to Laws Governing Overseas Payment
The President of the BC Lottery Corporation, said that the group is actively seeking changes in present legislation that bans the wire transfer of money from overseas to local casinos.
Gamblers who visit Canadian casinos from overseas have two options to pay for their entertainment - either in cash (if under $10,000) or opening a Canadian bank account and having the money wired to the local bank.
However, changes to this system would help Paragon Gaming reach its $100 million target from international players who visit its new Vancouver casino.
"What we'd like is the ability to wire the money in from an accredited, registered, recognized banking institution in those markets [that gamblers are coming from] directly to casinos," said Michael Graydon.
"We are in discussions now with the province's gaming policy and enforcement branch on how to enhance the electronic transfer of funds and reduce the reliance on cash."
Responding to fears that allowing direct money wire transfers from overseas into local casinos could increase the possibility of money laundering, Graydon said that the new system would actually reduce it.
He explained that casinos would be dealing in less cash and therefore law enforcement agencies would be able to follow an electronic trail more easily if need be.
However, a money laundering expert said that the suggestion "raises huge concerns".
"You need to know the source of the funds, but here a wire transfer just shows up," he said. "Who is this guy? What is the source of his money? Have you done a background check on him?"
British Columbia's gaming branch said that it is currently reviewing the lottery corporation's suggestions.
