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Criminal Organizations Money Laundering in Casinos.

by Barry Artiste | May 22, 2008 at 03:46 pm | 452 views | 5 comments | 2 recommendations

Opinion
Barry Artiste, Now Public Contributor

Wow, and the government only figured this out now?

This report misses the mark a tad, it is not the slots Criminals play, they know the house wins on that one.

My observation when I am working and going to Casinos, ( I do not gamble or work for a Casino) I see many, many, many Criminals under 25 years of age play gaming tables where they bring $5,000 worth of DIRTY Money to the Casino, and buy $5,000 worth of chips, play for 30 minutes or so, if they are winning, they keep playing, if they are losing their cash, usually a few hundred dollars, then they cash in all their chips ( say, $4,500) for CLEAN CASINO MONEY, and leave the casino.

Give or take an hour and or so, then the Criminals walk right back in with another $5,000 and do this all over again.

Granted the Criminal loses a few hundred dollars of that $5,000, but they have effectively laundered their money, and have a casino receipt to prove it.

So actually the House Loses morally! You should know Casinos are most likely the ones who reported these comings and goings on for years to government and police agencies.

Casinos are powerless to stop people from coming in with questionable cash, as that is not their job to investigate Crime, but I guarantee you they report it.

Guess their reporting paid off, as finally the government decided to listen and act.

If criminals are not laundering their drug money, through buying loads of real estate from eager "No questions asked Realtors". The Casino is a great place.

Criminals, especially Criminal Organizations also use their money as quasi mortgage brokers, or loan sharking with exhorbiant interest ratesfor hapless casino losers they meet in the casino parking lot.

Of course Criminal organizations can buy or establish a business in the lower mainland too, it does not matter that the business makes money or not.

Many times I have passed by businesses, in which I say to myself, this place never has any customers? How do they make money?

Oops, I forgot, how silly of me to not notice sooner.

I ask you? How many 21 year olds do you know who have 10 to 15 grand walking around money every day on them? How many do you know? Cause ya know, Casino's would really, really like to know! So would the Government! Many times I have watched them outside the Casino flashing their cash amongst their friends as they walk towards their late model $120,000 BMW.

Anyone in the lower mainland should visit a Casino, any Casino, and view the Big Stakes tables, and the crowds around it, certainly will not take "Stephen Hawking" intelligence to figure out how many 20 somethings are repeatedly outlaying "$500.00 a hand" bets on "blackjack". Then ask yourself I wonder which Criminal organization they belong to? EUREKA, you know why Vancouver, BC is now considered by Police and Media as a "World Criminal Superpower" !

Aren't you proud?

Money launderers suspected of using casino slots to wash cashSuspicious currency transactions not reportedNeal Hall, Vancouver SunPublished: Thursday, May 22, 2008
B.C. Solicitor-General John van Dongen is concerned about reports that criminals may be using casinos to launder cash through slot machines and claiming the money as legitimate "winnings."

"It concerns me a great deal," he said in an interview Wednesday, adding he has asked for an urgent meeting to discuss the matter with the board of the B.C. Lottery Corp., which oversees casino operations in B.C.

"The goal of our government is to ensure that casino gaming is conducted responsibly and with integrity," the minister said."The understanding I have is that certain suspicious currency transactions are not being reported."B.C. gaming officials are concerned that criminals may be laundering under $10,000 at a time through slot machines at casinos so as not to trigger a report to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which tracks suspected money laundering and terrorist financing and alerts police.

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eastvanray

flagged this story as Good Stuff

at 16:00 on May 22nd, 2008

Barry Artiste, I like this story. It's good stuff.

Good one. I have a family member who is a security manager at one of the local casinos. They regularly report these people. But what can you do Barry? Demand that only people who can prove via a pay stub where their money is from can gamble? By that standard I wouldn't be allowed as I am self employed and no not pay myself at regular intervals. I assume these people deal in amounts less than $10k to avoid triggering the reporting requirement. We all have seen it happen but "knowing" and "proving" are two different things.

Hell! You wanna see REAL money laundering look to the US stockmarkets. The OTCBB and the Pinksheets. They are the real laundrymats! Hundreds of millions move in and out without so much as a blink from regulators.

Barry Artiste

at 16:17 on May 22nd, 2008

Hey Thanks for the comments and the GS. I am sure your family member has seen more than I have in my visits. As I said before Vancouver earned that "World Criminal Superpower" moniker, fair and square, and we have the present Liberal and the previous NDP Provincial governments to thank for. But then what would you expect when you put Dairy Farmers as Solicitor Generals as our Top Cops and a incompetent Justice System who rarely jail and allow bail. Yep, Good times!