A previous report by The Canadian Press fails to make an important point. Illegal gambling sites are predominantly used to launder proceeds from fentanyl dealing and production.
The mainstream media continues to blur the lines between regulated and illegal online gambling markets.
A recent Canadian Press article by Jim Bronskill reports that FINTRAC has issued an operational alert. The agency warns that criminals are using online gambling platforms to launder proceeds from fentanyl dealing and production. This follows concerns about the need to strengthen and update Canada’s AML (Anti-Money Laundering) laws.
Trouble is, the story makes no dinstinction between the plethora of regulated and legal Ontario online gambling platform (now numbers 82 and counting), and illegal sites. Nonetheless, it appears the story is mostly talking about illegal sites.
If so, it’s another reason more provinces should follow Ontario’s lead in regulating online gambling. Bringing as many grey market sites as possible into the legal market would help strengthen oversight and consumer protection.
It’s also another great reason gamblers should only wager on regulated sites.
Aside from this, Canada should take action to shut down access to illegal gambling sites.
CP story says that FINTRAC has reason to believe people are depositing and withdrawing funds at online casinos to disguise proceeds from the traffic in deadly fentanyl and other opioids as wagers and winnings.
FINTRAC is preparing the report based on a sample of about 5,000 suspicious transaction reports. These reports are related to fentanyl and synthetic opioids filed between 2020 and 2023. Since the market launched in April 2022, some of those suspicious transactions may have occurred at regulated Ontario sites. However, logic suggests that criminals launder significantly more money through illegal sites than through regulated ones.
