B.C. holding public inquiry to track rise of money laundering

Judge to head probe into criminal activity in real estate, drugs

The B.C. government has appointed B.C. Supreme Court Justice Austin Cullen to head an inquiry into the explosive growth of money laundering, estimated by investigators to have reached $7 billion in 2018.

“This inquiry will bring answers about who knew what when, and who is profiting from money laundering in our province,” Attorney General David Eby said Wednesday.

Cullen will have powers to compel testimony and issue search warrants to collect records, Eby said, after two investigations into real estate, luxury car reselling and other illegal activities encountered people who refused to cooperate.

The commission of inquiry has been asked to produce an interim report within 18 months and a final report by May 2021, but Premier John Horgan acknowledged that costs and even the duration of the independent inquiry are not yet known.

Horgan said the purpose of the inquiry is to get control of drug trafficking and criminal investment inflating the price of B.C. real estate by as much as five per cent, not to assign political blame. But the final report is scheduled to emerge less than six months before the next scheduled B.C. election.

“Perhaps other governments were intoxicated by the revenues that kept coming in,” Horgan said. “There’s certainly evidence of that.”

READ MORE: RCMP has ‘no’ money laundering investigators in B.C.

READ MORE: Hot cars hide dirty money, B.C. investigation shows

The province does not have authority to compel testimony from the RCMP or FINTRAC, the federal agency that monitors suspicious cash transactions, which Eby said has let B.C. down in monitoring activity in casinos and other areas of suspicious money movement.

Horgan said he has informed Prime Minister Justin Trudeau and Bill Blair, federal minister for border security and organized crime, that the inquiry is going ahead, and is expecting full cooperation from them.

The province does not have authority to compel testimony from the RCMP or FINTRAC, the federal agency that monitors suspicious cash transactions. Eby said FINTRAC has let B.C. down in monitoring activity in casinos and other areas of international money movement, and he was appalled to find that the RCMP had no dedicated investigators looking money laundering in B.C., other than referring cases for civil forfeiture actions.

Horgan and Eby have repeatedly argued against holding an inquiry before individuals are prosecuted for their actions. The RCMP’s one major prosecution against a Richmond financial firm with ties to China was abandoned in November 2018, and the province is pursuing a civil forfeiture case to seize assets from the company’s owners.

The civil forfeiture case alleges that the married couple laundered money for customers including drug traffickers importing cocaine.


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Man who killed Langford teen attended her memorial service, demonstrates little remorse

Parole Board of Canada documents reveal factors in parole decision

UPDATED: Oak Bay father takes stand, denies killing young daughters

Andrew Berry has plead not guilty to the December 2017 deaths of his two daughters

Victoria contractors file civil claims for work on Sooke Tim Hortons, Petro Canada

Contractors file civil suits against Petromaxx, T’Sou-ke First Nation

Relative of man found dead in Saanich says he was missing for years

RCMP and a private detective had been searching for him since 2012

Saanich Police warn of counterfeit money being used

Several fake $100 bills have been reported in Greater Victoria

VIDEO: Title of 25th Bond movie is ‘No Time to Die’

The film is set to be released in April 2020

Sooke’s Old-Fashioned Country Picnic set for Saturday

The free event combines music, kids activities, food and fun

New study suggests autism overdiagnosed: Canadian expert

Laurent Mottron: ‘Autistic people we test now are less and less different than typical people’

Trans Mountain gives contractors 30 days to get workers, supplies ready for pipeline

Crown corporation believes the expansion project could be in service by mid-2022

Rosemount cooked diced chicken linked to listeria case in B.C.

The symptoms of listeria include vomiting, nausea, fever, muscle aches

B.C. seniors allowed more choice to stay in assisted living

Province doesn’t need to wait for a complaint to investigate care, Adrian Dix says

Retired B.C. fisherman wins record $60M Lotto Max jackpot

Joseph Katalinic won the biggest Lotto Max prize ever awarded

Island manslaughter suspect found not guilty in Supreme Court

Court accepts accused’s argument of self-defence for 2017 incident in Courtenay

Most Read