Casino money laundering investigation ambushes British Columbia Lottery Corporation, incurring a CA$1M fine
The B.C. Lottery Corp., a state-owned organization, has taken the federal government to court over a penalty of over $1 million USD. The lawsuit, being handled by The Canadian Press, alleges three violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
The case is against Fintrac, a federal financial watchdog, and stems from alleged anti-money-laundering and terrorist financing violations at the B.C. Lottery Corp.'s casinos. The corporation claims it was "ambushed" by Fintrac without a chance to correct misunderstandings and misapprehensions about the casino and gaming industry.
Last week, the B.C. Lottery Corp. filed a notice of appeal in Federal Court, claiming it was not properly notified it was under examination. The penalty was issued earlier this year by Fintrac.
Darryl Greer, known to be involved in the case, plays an undisclosed role in the dispute. The person responsible for the British government company involved in the dispute with Fintrac over high fines for violations of money laundering and terrorism financing regulations is not publicly named in available sources.
The case, which involves allegations of violations related to anti-money-laundering and terrorist financing, is currently in court. The B.C. Lottery Corp. alleges it was penalised without due process, and is seeking to overturn the fine. The outcome of the case could have significant implications for the gaming industry and the government's approach to financial regulation.
