Wednesday, May 15, 2019

B.C. announces public inquiry into dirty money

B.C. Premier John Horgan finally capitulated to increasing calls for a public inquiry, saying an inquiry was necessary to examine the extent to which billions of dollars gained from criminal activities have infiltrated the province’s housing, casinos and luxury car markets.

Horgan said the problem of dirty cash has had a dramatic impact on the province, including a rise in opioid deaths and higher housing costs. Reports suggest $7.4B was laundered in B.C. last year - driving up the cost of buying a home by at least 5%.
A series of reports from Global News last week revealed new allegations that show how organized crime groups have laundered money in B.C. casinos as far back as the 1990s.