The British Columbia government is launching separate reviews into the possibility of money laundering involved in the real estate market, horse racing, luxury vehicle sales and the financial services sector.
The investigations arise from a report by former RCMP deputy commissioner Peter German who concluded there was money laundering in the provincial gaming industry.
The first part of the review will be led by the Finance Ministry and will identify systemic risks that leave the real estate and financial services sectors open to money laundering.
The second probe by the Attorney General’s Ministry will investigate specific case examples and uncover ways that launderers have operated in the province.
Attorney General David Eby says there is widespread concern about B.C.’s reputation as a haven for money laundering and German will conduct the second review focusing on identifying the scale and scope of illicit activity.
Eby says German’s first report raised red flags in financial sectors that can’t be ignored.