RICHMOND, BC, June 27, 2018 /CNW/ - Great Canadian Gaming Corporation [TSX:GC] ("Great Canadian," or "the Company") today welcomed the release of the independent review of money laundering in Lower Mainland casinos conducted for the Attorney General of British Columbia.
Said Rod N. Baker, President and Chief Executive Officer of Great Canadian:
"Dr. German's report is a comprehensive review of anti-money laundering policies and practices, and represents an important milestone for the gaming industry in BC and Canada. He has done a valuable service in examining the issues carefully and recommending practical improvements to the anti-money laundering ("AML") regime that address valid security concerns while also facilitating casino play that benefits our province. We commend Minister Eby for his appointment of Dr. German to undertake this important work.
Great Canadian engaged openly with Dr. German as part of his review and we welcome his contributions to ensuring the continued integrity of the gaming industry in British Columbia. As we did with his interim recommendations, we will work with our regulators and crown partners to enhance the AML system as part of our shared commitment to keeping funds from illegal sources out of our industry.
Dr. German has recognized the important role casino operators play in combatting attempts at illegal activity, and has acknowledged the proactive measures that Great Canadian has implemented beyond what was required by regulation. While Dr. German found that casino service providers were operating in accordance with AML policies, practices and statutes, we agree that steps can and should be taken to improve the system to respond to evolving challenges. We have invested in ongoing enhancements to our surveillance and security operations, and welcome Dr. German's recommendation that increased responsibility within the AML framework be placed with casino service providers through a standards-based model.
Dr. German's report recognizes gaming as a vital industry for our province, and we are committed to working with all stakeholders to make a well-managed industry even better. We look forward to continuing to provide safe and fun entertainment options to guests, participating in our communities, and generating significant revenue for the provincial government."
About Great Canadian Gaming Corporation:
Founded in 1982, Great Canadian Gaming Corporation is a BC based company that operates 28 gaming, entertainment and hospitality facilities in Ontario, British Columbia, New Brunswick, Nova Scotia, and Washington State. Fundamental to the company's culture is its commitment to social responsibility. "PROUD of our people, our business, our community" is Great Canadian's brand that unifies the company's community, volunteering and social responsibility efforts. Under the PROUD program, Great Canadian annually invests over $2.5 million in our communities, and in 2017, over 1,900 charitable organizations were supported by Great Canadian. In each Canadian gaming jurisdiction, a significant portion of gross gaming revenue from gaming facilities is retained by our crown partners on behalf of their provincial government for the purpose of supporting programs like healthcare, education and social services.
SOURCE Great Canadian Gaming Corporation - Media Relations
For further information: Sonja Mandic, Director, Media Relations & Social Responsibility, Great Canadian Gaming Corporation. 604.889.7114. [email protected]