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> the money also seeps back into our overheated real-estate market through casino money laundering That's actually not likely how they launder the money. Money
by mabbo 8y ago
> the money also seeps back into our overheated real-estate market through casino money laundering
That's actually not likely how they launder the money. Money laundering regulations in Canada say that large sums of money cashed out an casinos are reported to Fintrac[0], who datamine and analyze that stuff pretty extensively. My knowledge of their capabilities is over a decade old (internship way back), but even then they would catch on if you were moving millions of dollars per year through a casino.
Your bank also reports any large transactions or international money transfers- anything over $10k, and that number doesn't adjust with inflation afaik. They have a lot of data and they have built some pretty big cases out of it.
[0]http://www.fintrac-canafe.gc.ca/re-ed/casinos-eng.asp http://www.fintrac-canafe.gc.ca/re-ed/casinos-eng.asp
- nacho2sweet 8y agoWhere you been dude. FINTRAC don't do shit. https://globalnews.ca/news/4149818/vancouver-cautionary-tale-money-laundering-drugs/ https://globalnews.ca/news/4149818/vancouver-cautionary-tale...
- mabbo 8y agoWell shit. Time to update our relations. O_O
- cat199 8y ago> large sums of money cashed out an casinos cashed out? that's not how you do it. it's about a corrupt casino funnelling the money in and pretending it is gambling earnings.. see also: the movie 'casino' (unsurprisingly)
- nacho2sweet 8y agoWhen you return the chips it is called "cashing out". The casino doesn't let you buy in with a duffle bag of $250,000 and cash out for a cheque from the casino for $250,000 in the same transaction. You have to go play a low variance game like Baccarat and play your money through like 200%. Then you cash out $240,000 and get a cheque from the casino that you can easily deposit into a Canadian bank. Gambling winnings in Canada are also tax free.