B.C. is investigating money laundering in Lower Mainland real estate, after millions in suspicious transactions were identified in casinos. (Black Press files)

B.C. is investigating money laundering in Lower Mainland real estate, after millions in suspicious transactions were identified in casinos. (Black Press files)

B.C. to track ‘dirty money’ in real estate, horse racing

$100M in casino cash may only be the ‘fun money,’ David Eby says

The B.C. government is extending its investigation into money laundering beyond casinos, into real estate, horse racing and exotic cars.

Attorney General David Eby and Finance Minister Carole James announced two separate reviews Thursday, one carrying on the work of former RCMP investigator Peter German into cash brought in through casinos. That includes real estate, horse racing and luxury car purchases.

Eby said when German looked into casino cash brought in by high rollers, he found $100 million in suspicious transactions, including $1.2 million in a single casino visit.

“If this is the money that these individuals are gambling with, this is their fun money, then what is the business money and where is it coming from?” Eby said.

James announced the appointment of Simon Fraser University professor Maureen Maloney, a deputy minister in the previous NDP government, to chair an expert panel on financial services and other regulations that cover international real estate transactions.

“We certainly are going to be looking internationally,” James said. “Money laundering knows no borders.”

RELATED: Cash rules tightened for B.C. casinos

RELATED: ‘Money laundering is the modern face of organized crime’

Both of the reviews are directed to report to the B.C. government by next March.

“Our examination of money laundering in casinos uncovered troubling evidence suggesting that dirty money is circulating in other places in our communities,” Eby said. “The multi-faceted approach announced today is an attempt to move quickly to anticipate and and shut down new avenues for money laundering, and to follow up on specific cases that Dr. German and the media have drawn to the public and government’s attention.”

James said speculation in urban real estate became a “wild west” that attracted other crime.

“Our overheated housing market can attract criminals and people wanting to abuse the system,” James said. “When these people exploit loopholes, they drive up housing prices and help organized crime and drug dealers.”


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

BC legislaturemoney laundering

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Jon Bonneschranz retired from the Prince Rupert Fire Rescue Department at the end of April after 22 years of service to the city. He was also one of three firefighters honoured with the department’s first life-saving award. (Photo: K-J Millar/The Northern View)
Heart of our City – Jon Bonneschranz, fighting fish to fighting fires

Retiring Captain Jon Bonneschranz hangs up his helmet after 22 years

Sheila McDonald coordinator at the Prince Rupert Seniors’ Centre Association said on May 6th, the new fridge purchased with $5,000 from the BC Maritime Employers Association will help sustain the Better at Home Food Assistance program. (Photo: K-J Millar/The Northern View)
Prince Rupert Seniors’ Centre Association chills out with $5,000 donation

BC Maritime Employers Association uses Seniors’ Centre for training purposes

A Prince Rupert man fled after being placed under arrest on April 28. The incident caused an elementary school and local residents to be warned to stay inside. (File photo)
Wanted Prince Rupert man flees after arrest – later apprehended

Local school and residents told to stay inside during pursuit of man wanted from 2019 gun incident

As the BC CDC reports on May 5 declining pandemic numbers and only one case of COVID-19 in Prince Rupert, the vehicles parked outside the local testing center also decrease. (Photo: K-J Millar/The Northern View)
Prince Rupert COVID-19 numbers down again

Second outbreak at Acropolis declared over

Northern Health Authority is requesting local residents to refrain from attending the Prince Rupert Regional Hospital unless necessary, as some services have been affected by a fire on May 5. (Photo: K-J Millar/The Northern View)
Fire at Prince Rupert Regional Hospital creates a reduction in services

Northern Health is asking residents to not attend hospital unless necessary

(The Canadian Press)
Trudeau won’t say whether Canada supports patent waiver for COVID-19 vaccines

‘Canada is at the table to help find a solution’

Edmonton Oilers’ Connor McDavid (97) celebrates his 100th point this season with Leon Draisaitl (29) against the Vancouver Canucks during second period NHL action in Edmonton on Saturday, May 8, 2021.THE CANADIAN PRESS/Jason Franson
Edmonton superstar McDavid hits 100-point mark as Oilers edge Canucks 4-3

NHL scoring leader needs just 53 games to reach century mark

A map showing where the most number of cases were recorded from April 23 to 29. This map, revealing a breakdown of infections by neighborhood, was pulled from a data package leaked to the Vancouver Sun last week (and independently verified).
36 Abbotsford schools flagged for COVID-19 exposures in the last 2 weeks, shattering record

Clearbrook Elementary recorded an ‘exposure’ on all 11 school days

Canada’s chief public health officer is reminding Canadians even those who are fully vaccinated are not immune from transmitting the COVID-19. THE CANADIAN PRESS/Adrian Wyld
Canada’s top doctor warns full vaccination does not equal full protection from COVID-19

Post-inoculation, Theresa Tam says the risk of asymptomatic infection and transmission is far lower but not obsolete

The dash cam footage, taken May 7 at 8:18 a.m. belonged to the driver of a southbound vehicle that recently travelled out of the tunnel. (Reddit/Screen grab)
VIDEO: Dash cam captures dramatic rollover crash on Highway 99

Only one person sustained injuries from the collision, says B.C. Ambulance Services

Chevy stranded on a ledge above a rocky canyon at Mimi Falls near Logan Lake, April 28, 2021. (Photo credit: Margot Wikjord)
Police officer and fire chief team up in risky rescue of stranded dog near Logan Lake

Chevy, a rescue dog, needed rescuing again after getting stuck on a ledge above rocky canyon

Police were on the scene of a fatal shooting in Abbotsford. (Black Press Media files)
B.C. government to give more than $8 million for programs to curb gang violence

221 not-for-profit projects led by local governments and school districts among others will receive a one-time grant

Gord Judson steers his log truck down a forest service road, using two-way radio and call signals to mark his position for oncoming traffic. (B.C. Forest Safety Council)
Planning some B.C. wilderness fishing? Don’t catch a log truck

Remote recreation areas bracing for heavy pandemic pressure

Most Read