The 2014 budget for the conservative Canadian government has promised to introduce some new legislative amendments that are going to crack down on some of the online gambling sites in Canada and around the globe being accessed by Canadians.
The reason that the sites are being targeted are to reduce:
– Terrorist financing
– Money laundering
Additionally, online casinos are likely going to be subjected to the “Proceeds of Crime and Terrorist Financing Act. While the government is seeking to focus on identification verification and record keeping to be the same as the brick and mortar casinos, what remains to be unseen is whether they are going to be for the provincial lottery corporations that have online operations or if they are going to go into some of the internationally licensed gambling sites as well.
The British Columbia Lottery Corporation has a long history of non-compliance with the gambling laws in Canada. They do not keep the accurate records that they should be and have even spent taxpayer dollars so that they do not submit to the requests regarding the suspicious transaction reports that have been requested by the government.
Restrictions may be placed on some of the international firms that want to promote their sites to Canadian residents.
The goal is to limit the amount of gambling that is leading to the financing of terrorist groups as well as using the casinos for the purpose of money laundering. There are lottery corporations operating in British Columbia, Manitoba, Quebec, and very soon, Ontario.
While most of the provincial corporations are expected to adhere to the new regulations, the hardest part is going to be how much the government will be able to impact what is done at international casinos where they have no official jurisdiction.
The changes are likely not going to impact the majority of casinos. However, virtual currencies such as bitcoin are also going to be explored with some of the new regulations from the government. Those who pay in such currencies may find some new laws that they must adhere to, which are likely to come out later in 2014 or early 2015.