B.C. is investigating possible money laundering in Lower Mainland casinos. (Black Press files)

Track cars bought for cash, money laundering investigator says

Peter German says Vancouver is ‘Canada’s luxury car capital’ with no oversight

Cash purchases of luxury cars and other expensive items should be subject to “geographic targeting,” the money laundering expert hired by the B.C. government recommends.

“The criminal lifestyle is often attracted to expensive consumer goods, such as luxury cars, and due to their high value, these items can also be used to reintroduce illegal cash to the legitimate economy,” says one of the latest recommendations from Peter German, a former deputy commissioner of the RCMP. “Currently, there is no tracking by government of cash purchases for luxury items.”

German calls Vancouver “Canada’s luxury car capital,” recommending that Metro Vancouver dealers should report cash purchases. A reporting threshold higher than $10,000 may be needed to prevent the shift of local buyers to other areas, he says.

B.C. Attorney General David Eby released a new set of interim recommendations from German Monday as he prepares to appear before the federal finance committee in Ottawa this week.

German also calls for better resourcing of police, after the RCMP eliminated its national commercial crime and proceeds of crime sections in 2012.

“Although the RCMP is rebuilding its financial crime expertise, the gap in federal policing in this area between 2012 and 2017 shifted responsibility for white-collar crime to provincial and municipal police forces, which generally do not have the resources or expertise to take on these complex files,” German said.

The federal government is considering changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. German recommends information sharing between police agencies and the federal government’s Financial Transactions and Reports Analysis Centre (FINTRAC), which requires reporting of large cash transactions at casinos.

B.C. has already implemented two of German’s recommendations for casinos. One requires casinos to fill out a form identifying the customer and the source of funds for any cash or bearer bond deposit of $10,000 or more.

The other is to hire government regulators to be “seen on site at large, high-volume facilities” 24 hours a day.

Just Posted

Alberni hosts Island track and field championship

Secondary schools compete at Bob Dailey Stadium

Is Steve Nash Vancouver Island’s best athlete of all-time?

As Captain Canada gets ready to enter basketball’s Hall of Fame it’s time to debate his legacy

Who is Vancouver Island’s greatest athlete ever?

We want to know, you get to choose in a 64-athlete tournament bracket

200,000 salmon smolts released in netpens for Alberni salmon enhancement

West Coast Aquatic has released 205,000 chinook smolts into two net pens… Continue reading

Virtual simulation engages users in the event of a tsunami hitting Port Alberni

A team from the University of Victoria display a tsunami simulation at the 2018 #BCTECH Summit

VIDEO: Grand Forks shores up defences as floodwaters rise to peak levels

Canadian Forces, volunteers working to protect low-lying areas

Chilliwack Chiefs moving on to RBC Cup final after thrilling win over Ottawa

Kaden Pickering scored the winning goal in the 3rd period as Chilliwack won their semi-final 3-2.

VIDEO: As floodwaters recede, crews assess the damage to Grand Forks’ downtown

More than four dozen firefighters and building inspectors came out to help

Wellington Dukes pull off epic upset of Wenatchee at RBC Cup

The Dukes are off to the championship game after downing the Wild 2-1 Saturday at Prospera Centre.

Canada to face U.S. for bronze at world hockey championship

Canada was looking to play in the gold medal game for a fourth straight year, but saw 3-2 loss

Searchers for Vancouver Island father turn focus to Cowichan River

Cowichan SAR joined by many other SAR groups, volunteers now determined to find missing man

Vacationers urged to check for stowaway bats that could carry deadly disease

‘White-nose syndrome’ has killed millions of bats in North America, but hasn’t arrived in B.C. yet

Highway 19A closed in both directions near Union Bay

An incident involving a vehicle has shut down Highway 19A in both directions early Saturday morning.

Are B.C.’s gas prices enough to keep you from travelling May long weekend?

Gas prices in B.C. ranging from 125 cents per litre to more than 150 cents

Most Read