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

B.C. Premier John Horgan speaks to reporters from B.C. legislature. (B.C. government/Special to The Star)
Ryan’s Regards: You’re not a lesser person

Premier Horgan’s simple words about the virus are necessary for all to hear

Share your opinion with editor@langleyadvancetimes.com
LETTER: Langley could make 208th Street hill safer with little cost

A left turn onto 208th Street hill makes intersection dangerous

Local people are signing onto an online campaign to have people stand out of doors at 6 p.m. local time on Christmas Eve and ring bells for two minutes. (Facebook post)
LETTER: Langley, ring those Christmas bells

Global campaign asks people to ring bells for two minutes outside at 6 p.m. Christmas Eve local time

Idyllic winter scenes are part of the atmosphere of the holiday season, and are depicted in many seasonal movies. How much do you know about holiday movies? Put your knowledge to the test. (Pixabay.com)
QUIZ: Test your knowledge of holiday movies and television specials

The festive season is a time for relaxing and enjoying some seasonal favourites

Black Press Media and BraveFace have come together to support children facing life-threatening conditions. Net proceeds from these washable, reusable, three-layer masks go to Make-A-Wish Foundation BC & Yukon.
Put on a BraveFace: Help make children’s wishes come true

Black Press Media, BraveFace host mask fundraiser for Make-A-Wish Foundation

A man walks by a COVID-19 test pod at the Vancouver airport in this undated handout photo. A study has launched to investigate the safest and most efficient way to rapidly test for COVID-19 in people taking off from the Vancouver airport. The airport authority says the study that got underway Friday at WestJet’s domestic check-in area is the first of its kind in Canada. THE CANADIAN PRESS/HO, Vancouver Airport Authority *MANDATORY CREDIT*
COVID-19 rapid test study launches at Vancouver airport for departing passengers

Airport authority says that a positive rapid test result does not constitute a medical diagnosis for COVID-19

114 Canadians were appointed Nov. 27 to the Order of Canada. (Governor General of Canada photo)
Indigenous actor, author, elder, leaders appointed to Order of Canada

Outstanding achievement, community dedication and service recognized

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

Screenshot of Pastor James Butler giving a sermon at Free Grace Baptist Church in Chilliwack on Nov. 22, 2020. The church has decided to continue in-person services despite a public health order banning worship services that was issued on Nov. 19, 2020. (YouTube)
2 Lower Mainland churches continue in-person services despite public health orders

Pastors say faith groups are unfairly targeted and that charter rights protect their decisions

A big job: Former forests minister Doug Donaldson stands before a 500-year-old Douglas fir in Saanich to announce preservation of some of B.C.’s oldest trees, July 2019. (B.C. government)
B.C. returning to ‘stand-alone’ forests, rural development ministry

Horgan says Gordon Campbell’s super-ministry doesn’t work

Peter Wilson, left, and Micah Rankin, right, formed the Special Prosecutor team that was tasked with reviewing and litigating charges stemming from the Bountiful investigation. Trevor Crawley photo.
End of Bountiful prosecution wraps up decades of legal battles

Constitutional questions had to be settled before a polygamy prosecution could move forward

Despite rumours, Surrey RCMP say they are not issuing tickets to people if they are driving in a vehicle with others from a different household. (File photo)
COVID-19 tickets: No, RCMP aren’t checking vehicle occupancies, restaurant tables

Enforcement about education, not punishment says Surrey RCMP Cpl. Joanie Sidhu

Most Read