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

New branch of Royal BC Museum to be built in Colwood

New faclity in the Royal Bay development will house collections, archives and research department

Sooke RCMP searching for two people, reported missing on Sept. 10

Alannah Brooke Logan, 20, and Beau Richard Santuccione, 32, last seen on Otter Point Road

Victoria man plans 30-hour walk to raise funds for vulnerable youth

Take a Hike engages youth in intensive, clinical counselling and outdoor experiential learning

New urgent, primary care health centre opens in Saanich come November

North Quadra area facility to provide same-day, ongoing care for folks without family doctors

3 new deaths due to COVID-19 in B.C., 139 new cases

B.C. confirms 40 ‘historic cases,’ as well

POLL: Do you plan on allowing your children to go trick or treating this year?

This popular annual social time will look quite different this year due to COVID-19

Supreme Court Justice Ruth Bader Ginsburg dies at 87

The court’s second female justice, died Friday at her home in Washington

Comox Valley protesters send message over old-growth logging

Event in downtown Courtenay was part of wider event on Friday

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Application deadline for fish harvester benefits program extended

Those financially impacted by the pandemic have until Oct. 5 to apply

Young Canadians have curtailed vaping during pandemic, survey finds

The survey funded by Heart & Stroke also found the decrease in vaping frequency is most notable in British Columbia and Ontario

VIDEO: B.C. to launch mouth-rinse COVID-19 test for kids

Test involves swishing and gargling saline in mouth and no deep-nasal swab

Most Read