Commissioner Austin Cullen listens to introductions before opening statements at the inquiry into money laundering in B.C. in Vancouver, on Monday, February 24, 2020. THE CANADIAN PRESS/Darryl Dyck

Commissioner Austin Cullen listens to introductions before opening statements at the inquiry into money laundering in B.C. in Vancouver, on Monday, February 24, 2020. THE CANADIAN PRESS/Darryl Dyck

Money laundering has warped economy and fuelled opioid crisis, B.C. tells inquiry

Inquiry begins into laundering activity in casinos, horse racing, real estate and luxury car markets

The B.C. government says money laundering has distorted the economy, fuelled the opioid crisis and overheated the real estate market as a provincial inquiry into the criminal activity began Monday.

Jacqueline Hughes, a lawyer for the province, says the past cannot be undone but the government can take steps to make B.C. the most difficult jurisdiction to launder money.

B.C.’s NDP government called the independent inquiry last year after three reports revealed that casinos and horse racing as well as the real estate and luxury car markets had become laundromats for the proceeds of crime.

Commissioner Austin Cullen is hearing opening remarks this week, with Hughes the first to speak on behalf of the province’s Finance Ministry and gaming policy enforcement branch.

Hughes says B.C. has earned an international reputation as a haven for money laundering and the public deserves to know if there was wilful blindness to what was going on.

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

She says the government has taken steps including creating a beneficial ownership registry to try and block those buying real estate from hiding behind numbered companies, but it is looking forward to the inquiry’s recommendations.

The Canadian Press

Like us on Facebook and follow us on Twitter

money laundering

Just Posted

Grad 2021 parade through the village. (Priyanka Ketkar photo/Lakes District News)
VIDEO: LDSS graduation 2021 parade in Burns Lake

Lakes District Secondary School (LDSS) in Burns Lake had a graduation parade… Continue reading

First farmer's market Burns Lake 2021. (Priyanka Ketkar photo/Lakes District News)
Community Market 2021 begins in Burns Lake

Burns Lake & District Chamber of Commerce’s community market, which has received… Continue reading

Garden woodchips. (Priyanka Ketkar photo/Lakes District News)
Greenhouse progress in Burns Lake

The Burns Lake Community Garden have a huge pile of woodchips, rough… Continue reading

The Beacon Theatre roof project will ensure the theatre’s roof can handle the snow loads and stay open during winter months. (Priyanka Ketkar photo/Lakes District News)
Roof replacement for Beacon Theatre begins

Theatre to remain closed until August

A small pod of Pacific white-sided dolphins pass by close to shore in Campbell River June 16, 2021. Still capture from video courtesy of Kimberly Hart
VIDEO: Dolphin sunset captured from Vancouver Island shore

Spectacular setting for view of travelling pod of Pacific white-sided dolphins

Police are asking for public assistance in locating Anthony Graham who has been charged with the murders of Kamloops brothers Carlo and Erick Fryer. (RCMP photo)
2 charged, suspect at large in killings of B.C. brothers linked to gang activity: RCMP

Kamloops brothers Erick and Carlo Fryer were found deceased in May on a remote Okanagan road

Albert Health Minister Tyler Shandro and Alberta Premier Jason Kenney unveil an opening sign after speaking about the Open for Summer Plan and next steps in the COVID-19 vaccine rollout, in Edmonton, Friday, June 18, 2021. THE CANADIAN PRESS/Jason Franson
Alberta 1st province in Canada to lift all COVID-19 public health restrictions

70.2% of eligible citizens 12 and older in the province have received a dose of the vaccine

Fraser Health registered nurse Ramn Manan draws a dose of the Pfizer COVID-19 vaccine into a syringe at a walk-up vaccination clinic at Bear Creek Park, in Surrey, B.C., on Monday, May 17, 2021. THE CANADIAN PRESS/Darryl Dyck
‘Honour our fathers’ with COVID-19 vaccine protection, B.C. urges

109 new cases Friday, 75 per cent of 12 and up immunized

(Paul Henderson/ Chilliwack Progress)
Trutch Avenue in Chilliwack to be renamed to remove racist taint

New name to have Indigenous significance as Chilliwack takes new step toward reconciliation

Canadian Prime Minister Justin Trudeau is seen during a joint news conference following the EU-Canada Summit, in Brussels, Belgium, Tuesday June 15, 2021. Trudeau says Canada is on track now to have 68 million doses delivered by the end of July, which is more than enough to fully vaccinate all 33.2 million Canadians over the age of 12. THE CANADIAN PRESS/Adrian Wyld
Vaccine deliveries enough to fully vaccinate all eligible Canadians by end of July

Three in four eligible Canadians now have their first dose, nearly one in five fully vaccinated.

Chief Public Health Officer Theresa Tam listens to a question during a news conference, in Ottawa, Tuesday, Jan. 12, 2021. The number of confirmed COVID-19 cases attributed to the highly contagious Delta variant grew in Canada this week. THE CANADIAN PRESS/Adrian Wyld
Canada’s public health agency reports spike in confirmed cases of Delta variant

More than 2,000 cases of the variant confirmed across all 10 provinces and in one territory

Bella Bella is on B.C.’s Central Coast, accessible only by air and ocean. (Tom Fletcher/Black Press)
B.C. provides $22 million for Heiltsuk development on Central Coast

Elders care home project, tourism, lumber mill supported

The federal government says it wants to ban most flavoured vaping products in a bid to reduce their appeal to youth. THE CANADIAN PRESS/AP-Craig Mitchelldyer
Health Canada proposes ban on most vaping flavours it says appeal to youth

If implemented, the regulations would restrict all e-cigarette flavours except tobacco, mint and menthol

Most Read