Online games could be source of money laundering, B.C. public inquiry hears GlobeBC
He says in games like “Second Life,” the currency can be used to purchase virtual products or advance to the next level, but he warns that it can also be used to launder the proceeds of criminal activity.At the same time, Schneider says that while there have been a small number of cases of cryptocurrencies like Bitcoin being used in the drug trade, cash remains the preferred payment.
“It’s not unusual to have multi-kilos of cocaine or marijuana being purchased with stacks of $20 bills,” Schneider says. Criminal entrepreneurs, drug traffickers and organized crime have developed money laundering as a “tactical imperative” to avoid suspicion, he says. “In order to enjoy the fruits of their labour they need to be able to take that cash and try to convert it into more of an asset that’s less suspicious all the while trying to hide the illegal source.”
The inquiry heard opening arguments in February and will focus on specific industries at hearings beginning in September.Our Morning Update and Evening Update newsletters are written by Globe editors, giving you a concise summary of the day’s most important headlines.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ace Canadian esports driver Brooks tearing up the track online during COVID-19 - TSN.caAndrew Brooks could write a travelogue that would make a jet-setting socialite jealous.
Read more »
Ottawa’s help needed so travellers follow quarantine plans: B.C.’s top doctorDr. Bonnie Henry said that public servants from various provincial ministries have been doing that work to ensure about 18,000 people so far have followed quarantine plans after returning to B.C.
Read more »
Canadian military honours Snowbirds crash victim with a memorial procession in HalifaxThe 35-year-old military public affairs officer and Halifax native died in the crash of a Snowbirds Tutor jet in a residential area of Kamloops, B.C., last Sunday
Read more »
CFL top pick Jordan Williams patiently waiting for 2020 season to begin - Sportsnet.caJordan Williams isn't allowing the COVID-19 pandemic to dampen his enthusiasm for starting his pro football career with the B.C. Lions.
Read more »