Money Laundering Look – BC News

Photo: Government of BC

Surveillance image of a casino B.C.

Two money laundering reports have been submitted to the British Columbia government following studies to solve the problem of real estate, luxury cars and horse racing.

In a press release, the province commissioned these reports in September, after worrying about British Columbia's reputation as a "safe haven" for money laundering.

The first report, written by a group of experts on money laundering, recommends changing the rules to remove loopholes in the real estate market and increase transparency on the property owner in British Columbia .

The other report, written by former RCMP Deputy Commissioner Peter German, looks at the potential links between criminal businesses and the real estate, horse racing and luxury car industries.

He was asked to look at industries after publishing the results of a study last June on money laundering in Lower Mainland casinos.

The government says it will review both reports before making them public later in the spring.

Finance Minister Carole James has said that money laundering is a serious problem in the real estate market in British Columbia.

"Our real estate market must be used to house people, not to launder the proceeds of crime, which is why we asked our group of experts to review our rules and regulations and to propose concrete actions. to clean up our real estate business. "she said in a statement.