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British Columbia to Impose Limits on Casino Cash Transactions

Gaming venues located in British Columbia Canada have announced that they will be imposing new limits on cash transcations in the immediate future. The B.C. Lottery Corporation has revealed that it will be introducing fresh restrictions on the amount of cash that can be used at land based establishments in the vicinity. Province officials have defended the move – citing its importance in the crack down on money laundering activity. The Gaming Policy and Enforcement Branch will be fronting the effort to ensure the transparency of a multi million dollar industry.

Gaming venues throughout the district are hoping to impose new restrictions on casino cash transactions in the vicinity.

Representatives, meanwhile, have been quick to note the importance of electronic transactions in the maintenance ofa safe playing environment. Electronic transfers leave behind a “paper trail” – allowing regulators to use banksand money processors to trace the whereabout of funds. It is also hoped that such measures will prevent tax evasion schemes as well preventing sums from reaching illegitimate operators working on the black market.

Commenting on the call for change, officials confirmed that were hoping to transform the gaming industry by reforming its current state as a “cash dependent” market. The body will, they say, adopt a “layered approach” to the issue with the introduction of both incentives and requirements within the course of the next few months. “This will isolate money laundering activity from legitimate gaming”, read a statement from the organisation. The Ministry of Public Safety echoed the call for change. “A key objective is to transition toward greater use of electronic funds”, they declared. This will make “non-cash options more accessible and attractive to customers, while not discouraging legitimate play.”

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.