Finance Minister Carole James. (Arnold Lim/Black Press)

B.C. receives two money laundering reports after reviews of real estate, cars

The government says it will review both reports before making them public later this spring

Two reports on money laundering have been delivered to the B.C. government after reviews aimed at shutting down the problem in real estate, luxury cars and horse racing.

The province says in a news release it commissioned the reports in September after widespread concern about B.C.’s reputation as a “haven” for money laundering.

READ MORE: B.C. minister fears money laundering involves billions of dollars, cites reports

The first report is by an expert panel on money laundering and it recommends rule changes that would close loopholes in the real estate market and increase transparency on who owns property in B.C.

The other report is by former RCMP deputy commissioner Peter German and focuses on potential links between criminal enterprises and the real estate, horse racing and luxury car industries.

He was asked to look at the industries after he released the results of a review last June on money laundering in Lower Mainland casinos.

The government says it will review both reports before making them public later this spring.

Finance Minister Carole James says money laundering is a serious problem in B.C.’s real estate market.

“Our real estate market should be used for housing people, not for laundering the proceeds of crime. That’s why we asked our expert panel to review our rules and regulations, and to offer concrete actions that we can take to clean up our real estate sector,” she says in a statement.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Seniors Advocate seeking feedback at Trail meeting

Isobel Mckenzie will be at the Trail Legion for two hours on Friday

FortisBC to offer free energy efficiency assessments for small businesses

Fortis BC wants to help 900 storefronts in Kelowna, Penticton and Rossland

$174-million acid plant up and running at Trail smelter

Teck Trail Ops; New facility replaces 1970s technology

Latest round of Columbia River Treaty talks wrap up in Cranbrook

Federal, provincial, U.S. and Indigenous representatives recently met for eight round of discussions

‘It’s almost surreal’: B.C. fire chief, sidekick Sammy recap rescue mission in Bahamas

Chief Larry Watkinson and Sam the disaster dog spent 8 days assisting a search and rescue team

Vaping-related illness confirmed in Ontario believed to be first in Canada

Middlesex-London Health Unit had no further details about the case — believed to be the first confirmed in Canada

Canadian stars Virtue, Moir say in video they’re ‘stepping away’ from ice dancing

The pair thank fans for their support in an emotional message

Kamloops high school evacuated after receiving threat

Police have not released any further details into what the threat includes

Woman held at gunpoint during carjacking in UBC parkade

University RCMP say the vehicle is still missing, and two suspects are at large

VIDEO: Angry B.C. cyclist starts shaming dangerous drivers online

‘You motorists deserve all your costs and misery’

‘Time to take action:’ Children advocates call for national youth suicide strategy

Council wants Ottawa to make reporting of suicides and attempted suicides mandatory for data collection

Canadian inflation decelerates to 1.9% as gas prices weaken

August was the sixth straight month that price growth was 1.9 per cent or higher

Defense says burden of proof not met in double murder case against Victoria father

Closing statements begin in trial for man accused of killing daughters Christmas 2017

Most Read