Canadian Authorities To Deliver A Blow To Gambling Industry?

It seems likely that the Canadian government will take unusual steps to restrict the operations of online gambling within the country in 2014. According to Jim Flaherty, Canada’s finance minister, the government plans to dedicate more resources to combating money laundering and illegal financing associated with terrorism. This means that a series of legislative changes will likely be implemented. In this year’s public budget report, Flaherty acknowledges the intention to include online gambling establishments in the list of organizations regulated by the anti-money laundering agency.

Although Flaherty did not provide specific details regarding the proposed actions, it appears that the conservative party in power is determined to take strong measures against online gambling companies by subjecting them to stringent regulations. As a result, authorities aim to compel these companies to report any suspicious transactions to the regulatory agency, follow the same accounting rules applicable to most physical businesses, and ensure thorough verification of player accounts.