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

Port Alberni athletes put on fitness ‘FUNdraiser’ for frontline workers

Outdoor boot camp will be limited to 50, with donations helping frontline workers’ mental health

Bamfield residents, visitors pressure province as anniversary of fatal crash approaches

Letter-writing campaign makes ‘heartfelt, emotional pleas’ to improve road conditions

Airforce search and rescue helicopter drops in at Cameron Lake for training

Distinctive yellow CH-149 Cormorant turns heads after using Island lake for impromptu hoist

QUINN’S QUIPS: What makes a building historically significant?

There’s a difference between heritage designation and a heritage register

Nominate a hero for BC Autism Awards

Quality Foods sponsoring the third annual awards

‘Don’t kill my mom’: Ryan Reynolds calls on young British Columbians to be COVID-smart

‘Deadpool’ celebrity responds to premier’s call for social influence support

Expected fall peak of COVID-19 in Canada could overwhelm health systems: Tam

National modelling projections released Friday show an expected peak in cases this fall

Hundreds of sea lions to be killed on Columbia River in effort to save endangered fish

Nearly 22,000 comments received during public review were opposed, fewer than 200 were for

Devil’s Hand Poker Run in Campbell River to face RCMP scrutiny

The Campbell River RCMP will be keeping a close eye on the… Continue reading

B.C.’s fuel suppliers to publish prices to provide accountability: minister

Bruce Ralston says move will ensure industry publicly accountable for unexplained prices increases

Roots and Blues online festival live tonight on Black Press Media

Tune in to Black Press Media to watch the festival live Aug. 14, 15 and 16

Man suffers serious injuries in bear attack in remote area near Lillooet

It was deemed a defensive attack, no efforts were made to locate the animal

Missed rent payments because of COVID-19? You have until July 2021 to pay up

Each monthly instalment must be paid on the same date the rent is due

U.S.-Canada pandemic border restrictions extended into September

‘We will continue to keep our communities safe,’ says Public Safety Minister Bill Blair

Most Read