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

Alaska ferry service may have to pay armed RCMP at Prince Rupert terminal

Without armed police at inspections, the port faces closure

Prince Rupert to send a high school golf team to provincials

For the first time in more than six years, Charles Hays Secondary School has a golf club

Rock Stock 2019: “It’s going to be better than last year”

For some young musicians this will be their eighth year performing at Rock Stock in Prince Rupert

First ever Indigenous Symposium educates teachers in Prince Rupert

Cedar weaving, drumming for reconciliation and basic Sm’algyax lessons were offered to educators

Convicted animal abuser to return to B.C. court May 21

Catherine Jessica Adams is facing a breach of probation charge

‘Teams that win are tight’: B.C. Lions search for chemistry at training camp

The Lions added more than 50 new faces over the off-season, from coaching staff to key players

Growing wildfire prompts evacuation of High Level, Alta.

Chuckegg Creek fire has been burning for several day, but grew substantially Sunday

Top women’s hockey player Natalie Spooner coming to B.C.

Natalie Spooner special guest at annual Grindstone charity weekend in Kelowna

Take-home drug testing kits latest pilot to help curb B.C.’s overdose crisis

Researchers look to see if fentanyl testing could be a useful tool for those who use drugs alone

Facebook takes down anti-vaxxer page that used image of late Canadian girl

Facebook said that the social media company has disabled the anti-vaccination page

Search crews rescue kids, 6 and 7, stranded overnight on Coquitlam mountain

Father and two youngsters fall down a steep, treacherous cliff while hiking Burke Mountain

Raptors beat Bucks 118-112 in 2OT thriller

Leonard has 36 points as Toronto cuts Milwaukee’s series lead to 2-1

Rescue crews suspend search for Okanagan kayaker missing for three days

71-year-old Zygmunt Janiewicz was reported missing Friday

B.C. VIEWS: Reality of our plastic recycling routine exposed

Turns out dear old China wasn’t doing such a great job

Most Read