Canada Maple Leaf SymbolReports of corruption in B.C casinos, specifically River Rock Casino, started in late 2017. has made sure to stay on the ball with updates regarding the story since then, even if the news of one casino's money laundering affairs has snow-balled into something much bigger in that time.

As has reported before, the initial news that River Rock was involved in a massive money laundering scandal broke in September 2017. For the full details on this story, check out our much more extensive initial article. B.C Attorney General David Eby proceeded to order a full blown investigation into the casino's corruption.

Appointed to the task was RCMP former deputy commissioner, Peter German. The report was due in March 2018, and finally, it seems like the Canadian people have some answers as to what is happening in Vancouver specifically, but also in British Columbia as a whole.

The Peter German 2018 Report

Washing Machine - Money LaunderingAs stated by the Globe and Mail, the report revealed that the lax regulatory measure for casinos in B.C has made room for extensive and international money laundering schemes to take root in the economy. Organized crime has systematically targeted and taken advantage of the situation to the extent that it is now entitled the ‘Vancouver model' of money laundering. The criminal organizations involved are tied into serious and dark world of opioid trading.

The report also shows how the lack of cohesiveness in the government body allowed the laundering to seep into the economy to the extent that it now threatens far greater bodies than casinos. The real estate market, for example, is a prime victim.

German is quoted as stating:

What is most troubling, is the degree of sophistication demonstrated by criminal syndicates which worked for many years in unison, across continents, to target B.C. casinos.

German found that some of the criminal organizations involved lead back to China, Mexico and Colombia among others, linking them to major opioid roots. Effectively, these organizations saw the weakness brought on by the warring gambling regulatory bodies, and struck while the iron was hot. As a result, most Vancouver land casinos are now ‘laundromats' for dirty money.

In the same report, German also foreshadowed the possibility that a crack-down on money laundering in casinos will just send the organized crime scurrying into other weak points of the economy. Like real estate. To avoid this, a full revision of Vancouver economy must be undertaken.

Eby commented to reporters that:

I can say now with absolute certainty that criminal money laundering is taking place in B.C. casinos and it has to stop.

Thanks to Dr. Peter German’s work, I can tell you it is tied to the opioid crisis that has taken thousands of people from their families. It’s linked to the real estate market and housing prices that have made life unaffordable for British Columbians.

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What's the risk to B.C economy?

The risk is very real. As ex-Wall Street short seller Marc Cohodes tells Gobal News,

The BC Liberals and Christy Clark hid under the guise that it was good for the economy, when in fact unless something happens — and happens soon – it’s going to destroy the economy and may destroy the city.

SuperLenny Casino - Strategy GuideCohodes advises that, while official reports have only mentioned thousands of millions in laundered money, the actual figure is in the tens of billions. He also suggested that the reason why these more actual figures haven't been published is so that the public doesn't panic. Although perhaps it should be. In fact, in agreement with German, he points towards the collapse of the real estate market as a possibility if things aren't sorted out quickly.

The ex-Wall Street professional also advised that the best way forward is to take drastic measure for a serious situation.

I think the B.C. government needs to seize assets, sell the assets at an auction, split half the money with the Chinese government, split half the money with B.C. and give the whistleblower or finder, say, 10 per cent.

The sooner it resets and resets severely, where hard working B.C.-ers who are born here and want to live here, want to own a place, the better everyone is.

The aim of the game is to push out the organized crime from Vancouver, in order to restore balance to the area's market. One way of doing this is by rewarding the whistleblowers who come forward with tips on drug trading, luxury home ownership, or luxury car ownership. Cohodes has recommended as much to Eby.

German has advised that, in the case of B.C casinos, new third party regulatory bodies are put in place to avoid the power vacuum that lead to this situation. However, as per Cohodes's comments, on the larger scale – far more extensive steps have to be taken to ensure Vancouver's, and B.C's, economic stability in the long-term. will continue to update you on this story as it develops.

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