Attorney General David Eby (Black Press)

Rules reviewed to keep drug money out of B.C. real estate

Investigator looking at loans as well as casinos, David Eby says

The B.C. government’s money laundering investigator is examining real estate loans as well as suspicious casino transactions, Attorney General David Eby said Monday.

Eby said there were new specifics and individuals identified in a weekend Globe and Mail report on mortgage loans using money connected to the fentanyl trade, which police may have already been investigating. But Eby was made aware of the general problem of drug cash potentially being converted to loans after the NDP government took office last year.

Former RCMP deputy commissioner Peter German was appointed in September to examine money laundering in B.C., and to make recommendations on changes to policy. That applies to untraced cash being loaned for property purchases as well as being converted by casinos.

RELATED: B.C. appoints expert to review money laundering

“Are we getting the information we need at the Land Title Registry about these kinds of loans, to ensure that there are no loopholes being exploited,” Eby said Monday. “Are we asking the right questions about where the money came from.”

German’s report is due at the end of March, but the government has asked him to make recommendations as evidence comes forward. The province is also looking at additional measures to restrict foreign buyers from investing in B.C. real estate and pushing prices up beyond the reach of people living and working in B.C. cities.

BC legislaturemoney laundering

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

Comments are closed

Just Posted

New space secured for Sooke homeless

The shelter will be ready for residents on July 20

Victoria archery club says goodbye to outdoor range in View Royal

Province-owned View Royal property will house handyDART facility

Hotel workers gather in Victoria, demand right to return to work

Workers also asking the government to make sure employers don’t use pandemic to replace them

Sooke homeless camp to stay until a solution is found

To forbid Ed Macgregor camp would go against Canadian Charter of Rights and Freedoms

Horrifying video shows near head-on collision on Trans Canada

The video was captured on dash cam along Highway 1

UPDATE: Vancouver Island skydiving community mourns loss of one of its own

James Smith, 34, of Victoria, dies in Nanoose Bay incident

Elizabeth May endorses Furstenau in BC Greens race

Former federal party leader backs Cowichan Valley MLA

Greater Victoria Crime Stoppers wanted list for the week of July 7

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

Fraser Valley woman complains of violent RCMP takedown during wellness check

Mounties respond that she was not co-operating during Mental Health Act apprehension

B.C. sees 12 new COVID-19 cases, no new deaths

Three outbreaks exist in health-care settings

Lost dog swims Columbia River multiple times searching for home

The dog was missing from his Castlegar home for three days.

COVID-19: B.C. promotes video-activated services card

Mobile app allows easier video identity verification

ICBC to resume road tests in July with priority for rebookings, health-care workers

Tests have been on hold for four months due to COVID-19

Most Read