B.C. to hold public inquiry into money laundering

Decision on money laundering inquiry to be announced today

B.C. to hold public inquiry into money laundering

Calls for a public inquiry have grown after two reports released by the B.C. government last week revealed more than $7 billion was laundered in B.C.in 2018, including an estimated $5.3 billion through the real estate market.

"It became abundantly clear to us that the depth and magnitude of money laundering in British Columbia was far worse than we imagined when we were first sworn in, and that's why we established the inquiry today", Horgan told reporters Wednesday.

Premier John Horgan says money laundering has had numerous impacts on people in the province including a rise in opioid deaths and higher housing costs.

The decision comes after a report last week revealed $7.4-billion of dirty money flowed through the province a year ago.

Carole Taylor, former B.C. finance minister who served as a special advisor under the premiership Christy Clark, talks about the potential outcomes of the Alberta-B.C. fight over Trans Mountain expansion and oil shipments.

The government appointed B.C. Supreme Court Justice Austin F. Cullen to head the inquiry, which will look into the impacts on real estate, gaming, financial institutions, and the corporate and professional sectors. The commission of inquiry into money laundering will have 18 months to deliver an interim report.

The reports also shed more light on the possibility that money laundering is a larger problem in other provinces. Last year, another report detailed extensive links between money laundering and B.C. casinos.

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