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Hong Kong involved in Canadian Casino Money Laundering

In Anti-Money Laundering, News by Parvesh ShamdasaniLeave a Comment

Another day and another money laundering scheme involving Hong Kong, according to SCMP, as mentioned in a report entitled “Dirty Money”, commissioned by the attorney general of British Columbia (BC), Canada’s third-largest province.

Here are some key points from the article:

“The threat posed by organised crime in Guangdong province is facilitated through the banking and economic hub of Hong Kong and the casino and money transfer facilities in Macau.’’

“Hong Kong is one of the most secretive offshore jurisdictions and is a global hub for shell companies used by Asian and other crime gangs. The anonymity provided by these services makes them ideal for transnational organised crime.”

“Both Hong Kong and Macau are offshore banking and finance centres. Bankers, lawyers, accountants, money service bureaus and other businesses in Hong Kong and, to a lesser extent, Macau facilitate much of the transfer of goods in Asia.”

“It is also the intersection of international organised crime groups from Latin America, Europe, North America and elsewhere.”

I just hope the Hong Kong government is taking note as money laundering “isn’t a victimless crime. It’s linked to the opioid crisis, and deaths on our streets. It’s linked to skyrocketing housing costs that are pushing people out of our communities,” according to David Eby, British Columbia’s attorney general. “It will take time to undo the damage done to BC’s international reputation, but we aren’t waiting to get started.” Hong Kong should also pursue the issue with the same level of urgency, as our reputation is already tainted to a point where we have become an infamous money laundering hub.

Business and compliance enthusiast, problem solver, road warrior, police ID check magnet, and half geek whose exploits have taken him around the United States, United Kingdom, Caribbean, India, deep into Southeast Asia and West Africa. Entered the anti-money laundering and high risk field to help develop understanding, contribute research, improve standards, prevent profiteering at the expensive of SMEs, and to protect interests of the average person.
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