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

Climate, reconciliation and industry top all candidates agenda in Terrace

Debate was the candidate’s last opportunity to address voters in a public forum

Climate change, economy and reconciliation take centre stage at Oct. 15 All-Candidates Forum

Six of the eight candidates were in attendance at the Smithers event

New meat truck in town

Priestly Meats shows off its new meat truck, set up beside Tech… Continue reading

Celebrating fall in Burns Lake

Dozens of residents came out for the Fall Festival at Wild Roots… Continue reading

No timeline for ultrasound in Burns Lake, NH says

Northern Health (NH) is considering introducing ultrasound technology to the Lakes District… Continue reading

Alberta man pleads guilty, fined for hunting without a licence in North Island

It’s the responsibility of each hunter or angler to know whether they are considered a B.C. Resident.

Burns Lake votes

Burns Lake residents head to cast their votes in today’s federal election… Continue reading

B.C. mayor apologizes for removal of Queen’s portrait from council chambers

‘I prefer to be inclusive of the many aspects of our history’

Alcohol a possible factor in crash that killed 17-year-old girl near Williams Lake

A pickup truck left the road and rolled over on Highway 20 on the weekend

Rare bird spotted in Victoria draws enthusiasts from across the continent

It’s the first time a yellow-browed warbler has been reported on the mainland of North America

B.C. woman must pay $1,000 after unleashed dog bites another

Owner should never have left Bibi unattended, tribunal member wrote

Climate activist Greta Thunberg’s mural defaced in Edmonton

The eyes on the portrait were blacked out

Report suggests new BC Ferries terminal near YVR

Metro Vancouver currently has two ferry terminals at northern and southern reaches

Most Read