MONEY LAUNDERING A BILLION-DOLLAR INDUSTRY IN BRITISH COLUMBIA

A report from CTV News in Vancouver on 18th January says that the province’s Attorney General says that he is shocked and frustrated because the higher dollar estimates in a new report appear to have been known by the federal government and the RCMP, but weren’t provided to the BC government.  Last year the “Dirty Money” report said that money laundering in the province amounted to more than $100 million at provincial casinos.  That number now appears low, especially after the release of 2 further reports – one that estimates money laundering in BC at more than $1 billion annually, although a time period wasn’t mentioned; and a RCMP report estimates $1 billion worth of property transactions in Vancouver were tied to the proceeds of crime.  The AG also said that a clandestine banking operation revealed in a FATF report and which laundered money in BC that was not fully known by the provincial government.

https://bc.ctvnews.ca/money-laundering-a-billion-dollar-industry-in-b-c-report-1.4259778

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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