B.C. government to hold public inquiry into money laundering

Cornelia Mascio
Mag 16, 2019

The British Columbia government will hold a public inquiry into money laundering.

The government released two reports last week estimating $7.4 billion in illegal cash was laundered in the province in 2018.

The reports were written by Peter German, a former RCMP deputy commissioner, and law professor Maureen Maloney, the chair of B.C.'s expert panel on money laundering in real estate.

The government appointed B.C. Supreme Court Justice Austin F. Cullen to head the inquiry, which will look into the impacts on real estate, gaming, financial institutions, and the corporate and professional sectors.

"Even with many red flags, the problem of money laundering is bigger than we thought and more entrenched than we hoped", Eby told a news conference on Wednesday.

Premier John Horgan said the findings of three independent reviews into dirty money and the impacts it's had on different parts of the B.C. economy have made it clear a public inquiry is needed.

It said B.C. ranked fourth for the crime among a division of six regions in Canada, behind Alberta, Ontario and the Prairies - collectively Saskatchewan and Manitoba - for the years 2011 to 2015.

When the reports were released last week, Prime Minister Justin Trudeau said the information was "extremely alarming", adding that money laundering is hurting people by disrupting the housing market.

The inquiry has been tasked with delivering an interim report within 18 months, and a final report by May 2021.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE