B.C. moves closer to money laundering public inquiry; feds vow ‘crack down’

An anti-money laundering group said that $1 billion annually was being filtered through B.C. casinos

Money laundering in British Columbia has become a top issue for the federal and provincial governments with federal Finance Minister Bill Morneau vowing a “crack down” Friday, while the province considers a public inquiry.

“The importance of dealing with money laundering concerns is something that is clearly on our agenda,” said Morneau at a news conference in Victoria. “We need to be very clear, we crack down on any issues around money laundering.”

Last year, an international anti-money laundering organization said in a report that up to $1 billion annually was being filtered through some B.C. casinos by organized crime groups.

The B.C. government also cited an RCMP intelligence report that estimated up to $1 billion from the proceeds of crime was used to purchase expensive Metro Vancouver homes. An RCMP official said Friday the Mounties are searching their data bases to find the report the government has cited.

Former RCMP deputy commissioner Peter German’s review last year of money laundering at some B.C. gaming outlets found casinos served as laundromats that siphoned the money to organized crime groups.

B.C. Attorney General David Eby said Morneau’s comments add support to recent commitments by the federal government to fight money laundering.

READ MORE: B.C.’s largest public-sector union wants inquiry into money laundering, drugs

Eby and Minister of Organized Crime Reduction Bill Blair met last month to work together and share information to combat money laundering.

“I’ve seen a real shift in the interest from the federal government on this issue,” Eby said.

Two B.C. government money laundering reviews are underway and are due in March. One probe will look to identify and close regulatory gaps that could be used by money launderers in the real estate and financial services sectors.

The second review will focus on identifying the scale and scope of illicit activity in the real estate market and whether money laundering is linked to horse racing and the sale of luxury vehicles.

Eby said the findings of those reviews, collaborations with the federal government on legal issues and public concern about money laundering will help the government decide if a public inquiry on money laundering is warranted.

“The premier hasn’t ruled out a public inquiry,” said Eby. “He is actively monitoring the situation and I’m doing my best to keep him and cabinet informed on this quick-moving file.”

Morneau said the federal government’s focus on money laundering spreads beyond Canada’s borders where there are global concerns with dirty money funding terrorist organizations.

“We worry more broadly with issues like terrorist financing, which is what the global community is looking at when they think about money laundering,” he said.

But Eby said many in the global community are looking at B.C. as a jurisdiction where money laundering by organized crime has flourished.

“To some extent international concern is focusing on what’s happening in B.C.,” he said. “We really need the feds on board here.”

He said it’s difficult to fully determine the extent of money laundering in B.C., other than to conclude the numbers are increasing.

“It’s really important that whether it’s $100 million, or a billion dollars, or $2 billion, whatever it ends up being, that the issue and the need to address it remains the same and … it is only growing in urgency,” Eby said.

Dirk Meissner, The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Cloverdale Rodeo finals hand out $330K to champion riders

Bareback rider Caleb Bennet tied the arena’s record with a 93.5-point ride Monday

‘It’s a game changer’: 15-year-old wins professional skateboarding contest on two skateboards

‘No one has ever seen it before’ said producer of Cloverdale contest

Winners to come to Semiahmoo Shopping Centre

Former Zellers to also include a gym and daycare

Peace Arch Hospital, Sources requesting volunteers

Program to help seniors get home safely after hospital stay

Delta looking to add over 30 dedicated pickleball courts by 2022

The program would see eight outdoor pickleball courts built in North Delta before the end of 2019

VIDEO: Corgis race in first-ever Cloverdale Rodeo competition

The event idea came from general manager Mike MacSorley, who is the proud owner of corgi racer Lou

Top women’s hockey player Natalie Spooner coming to B.C.

Natalie Spooner special guest at annual Grindstone charity weekend in Kelowna

Take-home drug testing kits latest pilot to help curb B.C.’s overdose crisis

Researchers look to see if fentanyl testing could be a useful tool for those who use drugs alone

UPDATE: Highway 1 reopened after multi-vehicle crash east of Chilliwack

Westbound lanes near Herrling Island were closed for hours amid busy holiday weekend traffic

Police watchdog investigating motorcycle crash in Kamloops

A Kamloops Mountie had stopped the driver for speeding, but they raced off from the 0fficer

Facebook takes down anti-vaxxer page that used image of late Canadian girl

Facebook said that the social media company has disabled the anti-vaccination page

Search crews rescue kids, 6 and 7, stranded overnight on Coquitlam mountain

Father and two youngsters fall down a steep, treacherous cliff while hiking Burke Mountain

Raptors beat Bucks 118-112 in 2OT thriller

Leonard has 36 points as Toronto cuts Milwaukee’s series lead to 2-1

‘Teams that win are tight’: B.C. Lions search for chemistry at training camp

The Lions added more than 50 new faces over the off-season, from coaching staff to key players

Most Read

l -->