The British Columbia government is cracking down on money laundering and fraud by implementing new gaming regulations.
According to the Public Safety and Solicitor General’s Ministry, the upcoming Gaming Control Act will tackle the recommendations from two significant investigations: the 2018 Dirty Money report by Peter German and the recent Cullen Commission inquiry into money laundering.
Key changes include the establishment of an independent gambling regulator that will enforce a “standards-based regulatory model” for the gaming industry. This regulator will have the authority to issue directives to the BC Lottery Corp. without requiring approval from the ministry.
Solicitor General Nina Krieger highlighted that these new regulations will empower the province’s Independent Gambling Control Office to more effectively combat criminal activities related to gambling.
The Gaming Control Act, passed in the fall of 2022, is scheduled to go into effect next April. The new Independent Gambling Control Office, which is transitioning from the current Gaming Policy and Enforcement Branch, will oversee regulatory matters pertaining to BC Lottery Corp. gaming, charitable gambling, and the horse-racing sector.
The government also announced that registration and licensing fees will increase in certain areas to account for inflation and the expenses associated with operating the independent regulator. These regulatory changes aim to address past system vulnerabilities, including the supervision of online gambling and advancements in gaming technologies.