B.C. to go ahead with public inquiry into money laundering

16 Mai, 2019, 07:07 | Auteur: Auguste Feret
  • Decision on money laundering inquiry to be announced today

The decision comes after a report last week revealed $7.4-billion of dirty money flowed through the province previous year.

Horgan says the reports made it clear the depth and magnitude of money laundering in B.C. was far worse than the government imagined. "German's second report, it became abundantly clear to us that the depth and the magnitude of money laundering in British Columbia was far worse than we imagined when we were first sworn in", Horgan said.

"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", Horgan added.

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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.

The government appointed B.C. Supreme Court Justice Austin F. Cullen to head the inquiry, which will look into the impacts on real estate, gaming, financial institutions, and the corporate and professional sectors.

"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. The commission of inquiry into money laundering will have 18 months to deliver an interim report. Last year, another report detailed extensive links between money laundering and B.C. casinos.

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