If there is one issue that has plagued Canada more than anything, it's money laundering. Of course, money-laundering exists in every country to some extent but several provinces in Canada have dealt with this issue on a massive level for the last many years. The problem is so big but most people are convinced that the system clearly does not work the way it should. Although this is evident, nothing really has been done yet to put an end to money laundering. And at the root of money laundering are online casinos.
Ever since online casinos started to become popular in Canada, money laundering issues have escalated. Canada is home to the largest number of online casinos because gambling is legal in most provinces in the country. It wasn't until last year that people knew how big of an issue money laundering was in the country. According to a report last year the figures involved in money laundering were almost double than what was expected. The figure is close to $2 billion, and has prompted the government to take more decisive action.
It is believed that the casino staff was aware of the money laundering but never reported it. This not only presents a number of questions about the way online casinos are run in the country but also suggests a crackdown on all casinos in Canada. Besides that, there are several other questions that come up. One of them is the surprisingly low number of convictions in money laundering cases. Between the years 2010 and 2016 more than 800 money laundering cases had no convictions while a little more than 300 had a guilty verdict. It is totally clear that there is corruption in the system.
Money laundering is such a big issue in Canada that the Prime Minister himself has decided to step in to find a solution. It's true that most money laundering cases start in casinos but the problem also affects several other sectors including real estate. Gambling is legal in most provinces in Canada and actually serves as one of the biggest sources of revenue. But money laundering hurts the revenue stream of the government. It is not only important to clear up the casinos in the country but also necessary to find out why there are so few convictions in money laundering cases. There maybe multiple reasons behind this and the sooner a solution is found, the easier it will be to put an end to money laundering issues.
Money laundering is an organized crime that is a massive issue in Canada. Hopefully in 2019 the government will make a breakthrough and make the money go where it's meant to.