B.C. is leading the way on money laundering. The rest of the country should follow GlobeDebate
Published May 19, 2019After all the jarring facts that emerged from British Columbia’s investigations into money laundering, one observation sums it up: As B.C. Attorney-General David Eby put it, “This is a national issue."
B.C.’s money-laundering reports – on casinos, luxury cars and real estate – are the beginning of the story, not the end. The province last week announced a public inquiry, which should be a prelude to action. In his investigation into what’s happening, former RCMP deputy commissioner Peter German found $28-billion of residential real estate owned by mystery entities. In most cases, there is “no information” on who really owns the assets. Such opaque vehicles were often used in higher-value deals that distort the market. Mr. German said B.C. law enforcement is “woefully unprepared," and lawyers are especially vulnerable “to be used as conduits for dirty money.
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