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Two reports on money laundering in real estate and other high-end sectors were provided to British Columbia. government today – but it may take some time before they are made public.
The reports were commissioned in September 2018 as part of a two-pronged approach to fighting dirty money laundered in British Columbia's luxury sectors – primarily high-end real estate, but also luxury cars and luxury cars. horse races.
The expert group on money laundering was convened to create the first report for the Ministry of Finance, recommending changes to the rules to fill the gaps in the property market and increase transparency in Colombia -British. the property.
The other report is Dr. Peter German's second report on money laundering to Attorney General David Eby, which deals with real estate, luxury cars and horse racing.
"Money laundering is a serious problem in our real estate market and this type of activity has no place in our province," Finance Minister Carole James said in a statement on April 1. "Our real estate market should be used for housing, not for the laundering of the proceeds of crime. That's why we've asked our group of experts to review our rules and regulations and suggest concrete actions we can take to clean up our real estate sector. "
According to Dr. German's report, Eby said, "British Columbians feel the effects of money laundering in their daily lives, with apparent links to organized crime, the opioid crisis and the housing market. activity. Peter German's first report made it clear that while money laundering was a major problem in our casinos, there was also some disturbing evidence that the criminal economy was developing elsewhere in British Columbia. "
The government said it would review the contents of both reports before making it public, without specifying a deadline.
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