B.C. holding public inquiry to track rise of money laundering

Judge to head probe into criminal activity in real estate, drugs

The B.C. government has appointed B.C. Supreme Court Justice Austin Cullen to head an inquiry into the explosive growth of money laundering, estimated by investigators to have reached $7 billion in 2018.

“This inquiry will bring answers about who knew what when, and who is profiting from money laundering in our province,” Attorney General David Eby said Wednesday.

Cullen will have powers to compel testimony and issue search warrants to collect records, Eby said, after two investigations into real estate, luxury car reselling and other illegal activities encountered people who refused to cooperate.

The commission of inquiry has been asked to produce an interim report within 18 months and a final report by May 2021, but Premier John Horgan acknowledged that costs and even the duration of the independent inquiry are not yet known.

Horgan said the purpose of the inquiry is to get control of drug trafficking and criminal investment inflating the price of B.C. real estate by as much as five per cent, not to assign political blame. But the final report is scheduled to emerge less than six months before the next scheduled B.C. election.

“Perhaps other governments were intoxicated by the revenues that kept coming in,” Horgan said. “There’s certainly evidence of that.”

READ MORE: RCMP has ‘no’ money laundering investigators in B.C.

READ MORE: Hot cars hide dirty money, B.C. investigation shows

The province does not have authority to compel testimony from the RCMP or FINTRAC, the federal agency that monitors suspicious cash transactions, which Eby said has let B.C. down in monitoring activity in casinos and other areas of suspicious money movement.

Horgan said he has informed Prime Minister Justin Trudeau and Bill Blair, federal minister for border security and organized crime, that the inquiry is going ahead, and is expecting full cooperation from them.

The province does not have authority to compel testimony from the RCMP or FINTRAC, the federal agency that monitors suspicious cash transactions. Eby said FINTRAC has let B.C. down in monitoring activity in casinos and other areas of international money movement, and he was appalled to find that the RCMP had no dedicated investigators looking money laundering in B.C., other than referring cases for civil forfeiture actions.

Horgan and Eby have repeatedly argued against holding an inquiry before individuals are prosecuted for their actions. The RCMP’s one major prosecution against a Richmond financial firm with ties to China was abandoned in November 2018, and the province is pursuing a civil forfeiture case to seize assets from the company’s owners.

The civil forfeiture case alleges that the married couple laundered money for customers including drug traffickers importing cocaine.


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

Just Posted

B.C. rider wins J.C. Anderson Legacy Medal to become national champion

South Surrey resident Emma Woo trains in Langley

Cloverdale ‘Ladies’ Night Out’ shopping event expected to draw thousands

Annual event kicks off the holiday shopping season in downtown Cloverdale

South Surrey’s A Rocha Canada an agriculture-leader finalist

Surrey Board of Trade industry event set for Nov. 21

Surrey latest city to denounce Quebec’s Bill 21

The bill bans public workers from wearing religious symbols while working

Surrey RCMP say three people deported in connection to brawl caught on video

Police say they have been ‘actively engaged’ in the issue of youth fights in Newton since March

Bye bye Bei Bei: Giant panda born in U.S. zoo heads to China

Panda heads back to China as part of cooperative breeding program

B.C. to advocate for frustrated, confused, unhappy cellphone users, says premier

Maple Ridge New Democrat Bob D’Eith to advocate for more affordable and transparent cellphone options

B.C. man who killed Belgian tourist near Boston Bar gets life in prison, no parole until 2042

Sean McKenzie pleaded guilty to second-degree murder of 28-year-old Amelie Christelle Sakkalis

Workers union calls strike vote in SkyTrain labour dispute

Mediated talks are scheduled to begin Nov. 28

‘Very disrespectful’: B.C. first responder irked by motorists recording collisions on cellphones

Central Cariboo Search and Rescue deputy chief challenges motorists to break the habit

Daily cannabis linked to reduction in opioid use: B.C. researchers

Researchers looked at a group of 1,152 people in Vancouver who reported substance use and chronic pain

Bids down, costs up on Highway 1, B.C. independent contractors say

Rally protests NDP government’s union-only public construction

Members of little people community applaud change to drop ‘midget’ term

‘It’s not about sensitivity,’ says Allan Redford, the president of the Little People of Canada

Most Read

l -->