Finance Minister Carole James. (Arnold Lim/Black Press)

B.C. receives two money laundering reports after reviews of real estate, cars

The government says it will review both reports before making them public later this spring

Two reports on money laundering have been delivered to the B.C. government after reviews aimed at shutting down the problem in real estate, luxury cars and horse racing.

The province says in a news release it commissioned the reports in September after widespread concern about B.C.’s reputation as a “haven” for money laundering.

READ MORE: B.C. minister fears money laundering involves billions of dollars, cites reports

The first report is by an expert panel on money laundering and it recommends rule changes that would close loopholes in the real estate market and increase transparency on who owns property in B.C.

The other report is by former RCMP deputy commissioner Peter German and focuses on potential links between criminal enterprises and the real estate, horse racing and luxury car industries.

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

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

Finance Minister Carole James says money laundering is a serious problem in B.C.’s real estate market.

“Our real estate market should be used for housing people, not for laundering the proceeds of crime. That’s why we asked our expert panel to review our rules and regulations, and to offer concrete actions that we can take to clean up our real estate sector,” she says in a statement.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Saanich Police respond to petition for new police agency on Lindsay Buziak murder case

Petition asks Public Safety Minister to to help find justice for slain realtor

Grave site at Ross Bay Cemetery vandalized overnight

Graffiti found on grave of Sir James Douglas

Petition calls for suspension of Victoria councillor Ben Isitt

Isitt says petition ‘does not provide a reliable barometer of public opinion’

North Saanich man fears tougher moorage policies could cost him his home

Stewart Jackson has been living on a boat off Lillian Hoffar Park for about four years

Greater Victoria Crime Stoppers wanted list for the week of Feb. 18

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Do you support the proposed changes for ICBC?

Tuesday’s provincial budget predicted a shift from shortfall to surplus in wake… Continue reading

Health officials confirm sixth COVID-19 case in B.C.

Woman remains in isolation as Fraser Health officials investigate

Study says flu vaccine protected most people during unusual influenza season

Test-negative method was pioneered by the BC Centre for Disease Control in 2004

Saskatchewan and B.C. reach championship round at Scotties

British Columbia’s Corryn Brown locked up the last berth in Pool B

Resident discovers five discarded hog heads in Vancouver Island ditch

WARNING: Graphic image may be upsetting to some readers

Canadian Premier League announces 2020 home dates for eight-team circuit

Pacific FC hosts FC Edmonton on April 11 in Langford

B.C. lawyer, professor look to piloting a mental-health court

In November, Nova Scotia’s mental-health court program marked 10 years of existence

Most Read