Finance Minister Carole James. (Arnold Lim/Black Press)

B.C. receives two money laundering reports after reviews of real estate, cars

The government says it will review both reports before making them public later this spring

Two reports on money laundering have been delivered to the B.C. government after reviews aimed at shutting down the problem in real estate, luxury cars and horse racing.

The province says in a news release it commissioned the reports in September after widespread concern about B.C.’s reputation as a “haven” for money laundering.

READ MORE: B.C. minister fears money laundering involves billions of dollars, cites reports

The first report is by an expert panel on money laundering and it recommends rule changes that would close loopholes in the real estate market and increase transparency on who owns property in B.C.

The other report is by former RCMP deputy commissioner Peter German and focuses on potential links between criminal enterprises and the real estate, horse racing and luxury car industries.

He was asked to look at the industries after he released the results of a review last June on money laundering in Lower Mainland casinos.

The government says it will review both reports before making them public later this spring.

Finance Minister Carole James says money laundering is a serious problem in B.C.’s real estate market.

“Our real estate market should be used for housing people, not for laundering the proceeds of crime. That’s why we asked our expert panel to review our rules and regulations, and to offer concrete actions that we can take to clean up our real estate sector,” she says in a statement.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Rural dividend grants awarded in Kootenay West

Kootenay West MLA Katrine Conroy made the grant announcements in Trail on Thursday

Castlegar Realtor honoured for achievements

Re/Max recognized Castlegar and Grand Forks realtor Lorene MacGregor

Castlegar gymnasts vault into competition

Selkirk Challengers Gymnastics Club attended the BC Artistic Compulsory Gymnastics Championships.

The economic state of Castlegar & District

A look at the themes discussed at the State of the Kootenays: An Economic Update

FireSmart work happening in upper Kinnaird on City of Castlegar land

FireSmart vegetation management work being done to reduce fire risk.

VIDEO: Alberta man creates world’s biggest caricature

Dean Foster is trying to break the world record for a radio show contest

B.C. RCMP receive application for Police Cat Services

RCMP announced the launch of the Police Cat Services unit as an April fools joke

Kirkland Signature veggie burgers recalled due to possible metal fragments

Recalled products came in 1.7 kg packages with a best before date of Apr. 23, 2019

Chaos at the ferry terminal for people heading from Vancouver to the Island

Easter crowds create backlog at Tsawwassen ferry terminal

Parents of 13 who tortured children get life after hearing victims

One of their daughters fled their home and pleaded for help to a 911 operator

Flooding, climate change force Quebecers to rethink relationship with water

Compensation for victims of recurring floods limit to 50% of a home’s value, or a maximum of $100,000

Storms blast South, where tornadoes threaten several states

9.7 million people in the Carolinas and Virginia at a moderate risk of severe weather

Private cargo ship brings Easter feast to the space station

There are three Americans two Russians and one Canadian living on the space station

Most Read