Casinos Still Used to Launder Money with the Vancouver Model

Wherever you have gambling activities, you are always going to have people who are looking to cheat the system, and regarding land based casinos money laundering is big business for many criminals across the globe.

One way that people looking to launder money in such a venue is known as the Vancouver Model, which to be fair is a quite a straight forward way of turning dirty cash into clean cash.

This way of laundering money has been used in casinos in Canada and other casinos for decades, and it simply entails a criminal entering a casino with their ill-gotten gains in cash, buying casino chips with their cash and then playing.

What they are going to be doing whilst playing is putting all winning chips in their pockets and buying more chips at the tables, and at the end of the session they will then head on over to the casino cage and ask for their chips to be exchanged into cash but have it wired into a bank account.

By doing so, if they are ever asked where they acquired their money from, they can simply say they won it in a casino, and show their bank statements to prove they did just that.

Many casino regulators and police departments are more than aware of this way of turning dirty money into clean money, however, there is very little that they can do to stop it happening.

One way that they have tried to do so, is to require casinos to report any players to them that are buying in at gaming tables for very large amounts and using cold hard cash to buy their chips with. However, a team of criminals could simply buy in for much smaller amounts and be under the radar so to speak.

Related posts

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close