CanadaB.C. to hold public inquiry into money laundering

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VICTORIA — The British Columbia government has launched a public inquiry into money laundering, a crime the premier says has distorted the provincial economy, infiltrated casinos, fuelled the overdose crisis and increased the price of real estate.

Premier John Horgan said Wednesday the impact of dirty money in the province was made clear by two reports released last week that the depth and magnitude of the problem was far worse than they had imagined.

"That criminal activity has had a material impact on people: whether it be the rise of opioid addictions, the rise of opioid deaths as a result of overdoses, whether it was the extraordinary increase in housing costs, people were being affected by criminal activity in British Columbia."

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

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. 

3:38 Public input on BC Money Laundering Inquiry . The Cullen Commission of Inquiry into Money Laundering has been tasked with listening to British Columbia’s attorney general hopes an inquiry into money laundering will answer lingering questions about how the criminal activity flourished in

The decision to hold a public inquiry comes after three independent reviews of BC ’s real estate market. “We have taken decisive actions to combat money laundering , but questions remain and people in B . C . deserve answers. That is why we have decided to proceed with a public inquiry into

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

One of the reports said $5 billion of that was siphoned into real estate, forcing the costs of homes up by at least five per cent, although it said that figure could be significantly higher — upwards of 20 per cent — in Metro Vancouver.

Horgan said a public inquiry will give an understanding of how the problem reached this point and how to eradicate the crime.

Attorney General David Eby said B.C. Supreme Court Justice Austin Cullen has agreed to lead the inquiry and he'll have the power to compel testimony, seize records and obtain search warrants.

"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.

$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

B . C . has called a public inquiry to examine the billions of dollars being laundered through the province. Here’s how other provinces are responding to similar B . C . announces public inquiry into dirty money — what’s the rest of Canada doing? Leave a comment. Share this item on Facebook.

VICTORIA—The British Columbia government has launched a public inquiry into money laundering , a crime the premier says has distorted the provincial economy Horgan said a public inquiry will give an understanding of how the problem reached this point and how to eradicate the crime.

He said money laundering is a "crisis" in the province's economy.

The reports also shed more light on the possibility that money laundering is a larger problem in other provinces.

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. It also said B.C. only accounted for 15 per cent of the $47 billion laundered across Canada last year.

After learning of the reports' conclusions, Prime Minister Justin Trudeau said the information was "extremely alarming," adding that money laundering is hurting people by disrupting the housing market.

Cullen's inquiry is expected to deliver an interim report within 18 months and a final report is due by May 2021.

Dirk Meissner , The Canadian Press