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

Serious police incident unfolding at Sts’ailes

Small reserve near Agassiz surrounded by police vehicles, helicopter, ERT

VIDEO: Agassiz farm spreads awareness for barn owls

Miel Bernstein hopes others will learn how they can help the threatened owl species

Fraser-Cascade school district hosts by-election to fill void left by passing of Tom Hendrickson

Advance voting begins on July 17, with general voting on July 27

Chilliwack cadet takes staff position in Comox

Air cadet one of about 20,000 youth enrolled in programs across Canada this summer

Okan brings Cuban rhythm to Harrison Festival of the Arts

The Cuban band from Toronto will be performing a concert and holding a workshop

VIDEO: Agassiz remembers local officer at grave-marking ceremony

Montague White-Fraser had been buried in the Old Cemetery for 92 years without a headstone

VIDEO: Wet weather kicks off Lower Mainland toad migration

Thousands of small western toads were making the trek from pond to woods

RCMP release sketch of suspect in SFU assault, appeal to witnesses who helped woman

The RCMP want to talk to two women who helped the victim after she got to the parking lot

Injured humpback returns to waters near Comox a year later

Photographer spotted Ocular near Comox again and noticed the whale has been healing

Will you be celebrating national hotdog day with any of these crazy flavours?

The popularity of hotdogs spans generations, cultures

Former home of accused Penticton shooter vandalized

Ex-wife of man who is accused of murdering four people had her house vandalized

Survivor of near-drowning in B.C. lake viewing life through new eyes

“If I died that day, the baby wouldn’t know his dad,” said 31-year-old Mariano Santander-Melo.

‘Beyond the call’: Teen in police custody gets birthday surprise by B.C. Mountie

Unusual celebration started when Staff Sgt. Paul Vadik went to visit the teen in his Coquitlam cell

Thunderstorms forecast across B.C.

Environment Canada has issued a thunderstorm watch for B.C.’s central Interior

Most Read