Wednesday, October 11, 2017

They Built This City...

...On (The River) Rock And Laundered Money.

Sam Cooper's latest on the big money bundling of Whaling and Real Estate is up at various and sundry Postmedia outlets.

Here is his lede:

A background review of hundreds of VIP gamblers at Richmond’s River Rock Casino in 2015 found that the highest proportion of players involved in large and suspicious cash transactions worked in real estate, according to a confidential memo obtained by Postmedia.

The memo did not state whether these gamblers work in B.C.’s or China’s real estate sector.

The Aug. 2016 internal review — filed to B.C. Gaming Policy and Enforcement Branch compliance director Len Meilleur — was conducted to examine the amount of cash flooding through “high-limit” VIP rooms at River Rock, and the extent to which high-rollers could buy chips with small bills and cash out with big bills. This process is known to anti-money laundering investigators as “colouring up” and can allow gamblers to deposit suspected drug-cash $20 dollar bills in casinos and walk out with bundles of $100s which appear to be clean money suitable for banking and investment, experts say.

The Aug. 2016 memo examined $243 million in total cash buy-ins for all of 2015 at River Rock and provides the most detailed picture yet of the characteristics of high-limit VIPs at the centre of growing concerns in B.C. casinos...


Who was it, exactly, again, who helped clear the decks for this type of behaviour?

And does anyone really think it is limited to a single rockin' and rollin' casino in Richmond?



Lew said...

"A B.C. Liberal government will stop the expansion of gambling that has increased gambling addiction and put new strains on families."

- B.C. Liberals New Era promise, 2001

Another of many broken promises from that document; most of which resulted in serious and ongoing harmful consequences to this province.

Mr. Beer N. Hockey said...

Within the BC historical context when one reads the words "real estate sector" in this century it might be best to think "1960s used car dealer" or "fentanyl import/export man" if one is looking for moral equivalence.

Anonymous said...

Drug money turned into chips; turned into clean money; turned into mansions and fast cars; turned into more drugs; turned into more tax and gambling revenue for BC and donations to the Liberal Party. Repeat. Clearly, a normal business plan for the BC Liberals. Now that the chain has been broken with the election of a new government, where is action from law enforcement and where is major coverage and outrage from MSM!!!

North Van's Grumps said...

Did you know that the Bank Of Canada launders our money? Why not change drug laced $20 for clean $100 bills with no charge?

Is there a statistic on how much money Bank of Canada currently launders?

The Bank offers a service for contaminated and mutilated notes. This service provides for the reimbursement, in appropriate cases, of Canadian bank notes which have become contaminated or mutilated beyond normal wear and tear. Bank staff will, subject to any health and safety issues noted below, carefully examine notes submitted for reimbursement and assess the value of the claim in accordance with the Bank's reimbursement policy. In most cases, the condition of the notes allows for easy visual inspection, authentication and reimbursement.

e.a.f. said...

NVG, but in that scenario no one is making money. In the B.C. casino no reasonable person would believe some o0e wasn't making a ton of money.

We've seen the information now we need to hear from the B.C. Lieberals and the RCMP as to why nothing was done. If they answer they didn't now, then they need to tell the people of B.C. that so they are never elected to office because any one that stupid ought not to be running a government. If they say yes they knew about it and did nothing to stop it, then they have to give back their gains from the "adventure". of course they may say they knew and tried to do something, refer back to my first suggestion.

In my opinion the B.C. Lieberals knew about what was going on, didn't care because developers were making money and developers were their financial supporters. ugly, ugly, ugly.

Scotty on Denman said...

Great citation, Lew. The BC Liberals took gambling online, licensed more casinos, and Rich Coleman relieved the industry of government oversight to compensate for the resulting increase in opportunities to launder money. And looks like it worked! Another BC Liberal success story! One that should never be forgiven — uh — or forgotten!

The BC Liberals put King Merde-ass’ touch to the social weal: every licence, public enterprise, and social service they touch turns to shit, and their shit-fly supporters come to feast on the steaming remains.