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CanadaB.C. must set clear terms, timeline if it holds money-laundering inquiry: expert

12:10  14 may  2019
12:10  14 may  2019 Source:   msn.com

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The British Columbia government needs to set clear goals and a firm timeline if it launches a public inquiry into money laundering , says a former Wally Oppal said he believes his inquiry had an impact after it wrapped in 2012. Police now investigate these cases far differently than they did when

Download Now. SaveSave B . C . Money Laundering Inquiry Terms of Reference For Later. 0 ratings0% found this document useful (0 votes). B . C .’s New Democrat government launched a public inquiry into money laundering , with the results expected to land just before the next scheduled

B.C. must set clear terms, timeline if it holds money-laundering inquiry: expert© Provided by Canadian Press Enterprises Inc

VANCOUVER — The British Columbia government needs to set clear goals and a firm timeline if it launches a public inquiry into money laundering, says a former provincial attorney general who led an exhaustive probe of missing and murdered women.

Wally Oppal said he believes his inquiry had an impact after it wrapped in 2012. Police now investigate these cases far differently than they did when serial killer Robert Pickton was preying on vulnerable women, he said.

"A lot of good things can come of them, but before governments establish inquiries, they should first of all ask themselves: What questions need to be answered? Did something go wrong? And what are the powers that we're going to give to an inquiry commissioner?" Oppal said.

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The federal minister in charge of Canada's fight against money laundering supports British Columbia's public inquiry into dirty money but says a national examination is not necessary. B . C . must set clear terms , timeline if it holds money - laundering inquiry : expert .

Money laundering generally involves money which is acquired and handled illegally. One of the first stages of money laundering is known as ‘placement’. After getting hold of illegally acquired funds Our money laundering barristers are recognised experts in fraud cases, including financial fraud.

"The other thing is you have to have a definite end line, otherwise it can go on forever."

Calls for an inquiry have been mounting since the provincial government released two reports on money laundering last week. One report estimated $7.4 billion was laundered in B.C. last year, of which $5 billion was funnelled through real estate and drove up home prices five per cent.

Premier John Horgan has said his government will decide whether to call a public inquiry into money laundering following a cabinet meeting on Wednesday.

Oppal also led a public inquiry into municipal policing in B.C. in the 1990s and, while attorney general, called an inquiry into the death of a Polish immigrant at Vancouver's airport. He said most inquiries take longer than planned and costs can spiral out of control, as witnesses get "lawyered up."

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People hold money even during inflationary episodes when other assets prove to be better stores of value. They served as a unit of account because prices were quoted in terms of the number of cigarettes required for the exchange.

It is clear that money laundering must be effectively controlled. In developed countries, measures to fight against money laundering have been in place for quite some time . This is not the case in many emerging economies which have just started to address the problem.

"In the Pickton inquiry, we had 19, 20 lawyers in the room at any given time," he said. "But in that inquiry, we needed to find out why so many women were murdered. ... It was important that we got answers as to what mistakes were made."

Before calling an inquiry into money laundering, the province should also consider whether it would compromise any ongoing police investigations, he added. People who are subpoenaed to give testimony in an inquiry may not be able to give evidence if they're subject to a criminal investigation.

The missing-women inquiry cost about $10 million and the province reported in February that it had made "significant progress" on the recommendations.

Progress hasn't always been swift. In his 2012 report, Oppal urged the province to immediately commit to providing public transit along the so-called Highway of Tears, but it didn't unveil a bus-service plan until 2015.

$5 billion laundered through B.C. real estate in 2018, drove up home prices

$5 billion laundered through B.C. real estate in 2018, drove up home prices VICTORIA — A report that estimates $5 billion was laundered through British Columbia's real estate market last year also lifts the lid on the extent of illegal cash moving across Canada. Some $7.4 billion overall was laundered in B.C. in 2018, out of an estimated total of $47 billion in Canada, concluded the report by an expert panel led by former B.C. deputy attorney general Maureen Maloney. The report is one of two released Thursday and says

Money laundering , the process by which criminals attempt to conceal the illicit origin and ownership In general terms , the laundering of small or episodic amounts of illicit proceeds requires a When extremely large amounts of dirty money must be laundered, as in the case of serious transnational

Money laundering happens in almost every country in the world. The prosecution held that DeLay took part in an alleged scheme to bypass that rule and hide the corporate origins of money that Jurado then set up shell companies in Europe in order to document the money as legitimate income.

Several politicians calling for a money laundering inquiry said it should be modelled on Quebec's Charbonneau Commission into corruption in the construction industry, which led to arrests, convictions and the recovery of $95 million in public funds.

Brad West, mayor of Port Coquitlam in Metro Vancouver, said he's offended that criminals profiting from the deadly opioid crisis are funnelling their "blood money" through real estate, inflating prices for residents who work hard and pay taxes.

"If this doesn't call for a public inquiry modelled after the Charbonneau Commission, then I don't know what does," he said.

"We should just stop pretending that we're ever going to have public inquiries, if we don't have one into something that is as important and as consequential to the future of our province as this."

Green Leader Andrew Weaver has also been calling for an inquiry. He said it would ensure that names are named, people are compelled to testify, recommendations can be put forward and more information that is otherwise kept confidential comes to light.

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Despite a common perception that B.C. is the dirty-money "capital" of Canada, one of the reports released last week painted a different picture.

It said the province ranked fourth for money laundering among a division of six regions in Canada, behind Alberta, Ontario and the Prairies — collectively Saskatchewan and Manitoba — at least for the years 2011 to 2015. It also said B.C. only accounted for 15 per cent of the $47 billion laundered across Canada last year.

Weaver said the report's finding about the scale of the issue in B.C. compared with other provinces didn't change his mind. It's not surprising that more dirty cash was washed clean in a larger province such as Ontario, he said, adding that money laundering has affected B.C. differently than Prairie provinces.

"If you're not having pressures on your real estate like we've had here, a five per cent push or a seven per cent push in one year on prices from laundering money may not have had the same effect as it did here. Our affordability issue is second to none in the country.

"That, in and of itself, is the reason why we need to show leadership, and frankly, I think it's good on government to show leadership. We don't have to wait for others to follow."

— Follow @ellekane on Twitter.

Laura Kane, The Canadian Press

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