BC government announces probe of money laundering | Regional

BC government announces probe of money laundering | Regional

Some quarters have called for any future inquiry to take inspiration from the successful probe by Quebec's Charbonneau Commission, which looked at rampant corruption in public construction contracts.

Maloney's report said money laundering is a Canada-wide issue.

The decision came shortly after the Premier met with members of his cabinet to discuss the implications and extent of the money laundering occurring within the province's jurisdiction.

The New Democrats, including Horgan, James and Eby, have often said revenue from B.C.'s booming real estate market contributed to consecutive balanced budgets for the former Liberal government.

British Columbia is on the verge of a public inquiry which has been a move contemplated for several months now. Some experts consider the two intertwined, and have dubbed methods of money laundering in B.C.as the "Vancouver Model", for the way illicit drug proceeds flow from global and domestic criminal groups and through B.C. casinos and real estate.

Michael Lee, the Liberal attorney general critic, said the party will co-operate with the inquiry.

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Premier John Horgan launched a public inquiry into money laundering Wednesday, saying the depth of the criminal activity in British Columbia runs far deeper than previously believed.

Just in 2018 alone, it's estimated that $7 billion in dirty money was laundered in B.C., and as a result, drove up house prices. But without the power to subpoena these reports could only go so far.

According to the report on national risk assessment on money laundering and terrorist financing in 2012-17 period, the conclusion was made after analysing trends and money laundering scams as well as money and assets created by crime and risks involving many different industries deployed in money laundering. 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.

The report also assessed the risks of money laundering in securities, foreign exchange and casino sectors were at average level while the risks in other sectors like auditing, accounting and law were low.

While on their own they may not be an outright indication of money laundering, combined, German said some widespread activities, including nominee purchasers, unfinanced purchases, flipping, quickly discharged mortgages, overvalued and undervalued listings and buying sprees, present red flags. He may not jeopardize an ongoing criminal investigation or affecst the "the exercise of prosecutorial discretion".

She also hopes this inquiry leads to the federal government dedicating more police resources to this province.

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