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

Wayne Allen's graduation photo from Chemainus Secondary School. (Photo submitted)
Brother charged with murder in Chemainus teenager’s Ontario death

Jesse James Allen stands accused in the death of Wayne Allen, a 2020 Chemainus Secondary grad

Kim McGregor died in the Feb. 14 hit-and-run accident in Chemainus. (Photo submitted)
Victim identified in Valentine’s Day Chemainus hit-and-run

Kim McGregor grew up in Chemainus and had recently returned to be close to his parents

Chemainus’ Matt Simpson, far right, with other Northland College athletes during an orientation session. (Photo submitted)
Cool transition to college baseball in Wisconsin for Simpson

Chemainus baseball product anxious to get going after last season lost due to COVID

From left: Viola Hegglund (Lebitschnig), Bob Duncan (a.k.a., Luff), Gordy Crawford, Clyde (Phil) Bodger, Gordy Duncan (a.k.a., Luff), Pat Dyke (Quaife) and Colleen Bundock. (Photo submitted)
Old school days

Going way back in Crofton’s history

Letters to the Editor.
Gratitude to those who did snow removal

Sidewalks and driveways for the elderly kept clear

Provincial health officer Dr. Bonnie Henry updates B.C.’s COVID-19 situation at the B.C. legislature. (B.C. government)
B.C. reports 10 additional deaths, 395 new COVID-19 cases

The majority of new coronavirus infections were in the Fraser Health region

Several BC Ferries sailings are cancelled Friday due to adverse weather. (Black Press Media File)
All B.C. Ferries sailings cancelled due to winds, adverse weather

Adverse weather causes cancellations across several BC Ferries routes

Bryan Adams with his mom, Jane Adams Clark, at Lions Gate Hospital. (Bryan Adams)
Bryan Adams gives shout out to North Shore hospital

The singer’s mom was in Lions Gate Hospital for care

Shoppers will be able to get their hands on signed bottles of Ryan Reynolds’ new gin at B.C. liquor stores this summer. (Twitter/Ryan Reynolds)
Ryan Reynold’s new Aviation Gin autographed and coming to B.C. stores

This summer 100 bottles will be available to the public for purchase across five B.C. liquor stores

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

An official investigation will be launched after VPD officers were recorded posing near a dead body at Third Beach on Wednesday morning, Feb. 24. (Screen grab/Zachary Ratcliff)
VIDEO: Vancouver officers under review for allegedly laughing, taking pictures next to dead body

Two officers were caught on video by a local beachgoer Wednesday morning in Stanley Park

Provincial health officer Dr. Bonnie Henry updates B.C.’s COVID-19 situation at the B.C. legislature. (B.C. government)
‘Stay local’: Dr. Henry shoots down spring break travel for British Columbians

B.C. is reportedly working with other provincial governments to determine March break policies

“Our biggest challenge has been the amount of vaccine,” said FNHA acting chief medical officer Dr. Shannon McDonald. (First Nations Health Authority Facebook photo)
All First Nations on reserve to be vaccinated by end of March: First Nations Health Authority

Vaccinations continuing for B.C. First Nations amid shortages

(Delta Police Department photo)
B.C. youth calls 911 after accruing $7K in online gaming charges

‘Police spoke with the student about appropriate times to call 911’

Most Read