B.C. is investigating possible money laundering in Lower Mainland casinos. (Black Press files)

B.C. is investigating possible money laundering in Lower Mainland casinos. (Black Press files)

Track cars bought for cash, money laundering investigator says

Peter German says Vancouver is ‘Canada’s luxury car capital’ with no oversight

Cash purchases of luxury cars and other expensive items should be subject to “geographic targeting,” the money laundering expert hired by the B.C. government recommends.

“The criminal lifestyle is often attracted to expensive consumer goods, such as luxury cars, and due to their high value, these items can also be used to reintroduce illegal cash to the legitimate economy,” says one of the latest recommendations from Peter German, a former deputy commissioner of the RCMP. “Currently, there is no tracking by government of cash purchases for luxury items.”

German calls Vancouver “Canada’s luxury car capital,” recommending that Metro Vancouver dealers should report cash purchases. A reporting threshold higher than $10,000 may be needed to prevent the shift of local buyers to other areas, he says.

B.C. Attorney General David Eby released a new set of interim recommendations from German Monday as he prepares to appear before the federal finance committee in Ottawa this week.

German also calls for better resourcing of police, after the RCMP eliminated its national commercial crime and proceeds of crime sections in 2012.

“Although the RCMP is rebuilding its financial crime expertise, the gap in federal policing in this area between 2012 and 2017 shifted responsibility for white-collar crime to provincial and municipal police forces, which generally do not have the resources or expertise to take on these complex files,” German said.

The federal government is considering changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. German recommends information sharing between police agencies and the federal government’s Financial Transactions and Reports Analysis Centre (FINTRAC), which requires reporting of large cash transactions at casinos.

B.C. has already implemented two of German’s recommendations for casinos. One requires casinos to fill out a form identifying the customer and the source of funds for any cash or bearer bond deposit of $10,000 or more.

The other is to hire government regulators to be “seen on site at large, high-volume facilities” 24 hours a day.

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