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

Squamish’s Niki Hurst and Christen Young took part in this year’s Furry Tails virtual race, a fundraiser for LAPS. (Special to Langley Advance Times)
Friends take Langley animal shelter run to Squamish trails

Animal welfare group’s annual run goes virtual, raises $7,500-plus

Three vehicles were involved in a crash on the afternoon of Friday, May 7, 2021, at the intersection of Fraser Highway and 208th Street. (Heather Colpitts/Langley Advance Times)
Three-vehicle Langley intersection crash leaves car on its side

There were no serious injuries resulting from a Friday afternoon crash on a major City roadway

Have an opinion you’d like to share? Submit letters to the editor through our website, via email or the postal service. (Heather Colpitts/Black Press Media)
LETTER: Constituent sides with Langley MP in conversion therapy controversy

MP’s words were taken out of context, says local letter writer

Tim and Janet Kreiter with a model Tim built showing the eventual plan for a five to 10 acre community garden the couple hopes to create in Langley. A pilot project is running this spring at TWU. (Matthew Claxton/Langley Advance Times)
New Langley community garden almost ready for Victoria Day opening

Organizers are excited to welcome the first gardeners

This letter was sent to members of the Kwantlen First Nation on Thursday, March 6, about allegations regarding some of the nation’s businesses enterprises. (Special to the Langley Advance Times)
Kwantlen First Nation warned of ‘allegations’ about business group

Letter to members said a third-party investigation will take place

(The Canadian Press)
Trudeau won’t say whether Canada supports patent waiver for COVID-19 vaccines

‘Canada is at the table to help find a solution’

A sign indicating face coverings are required by the establishment is pictured on the front door of a business in Vancouver, B.C., Friday, April 9, 2021. COVID-19 cases have been on a steady increase in the province of British Columbia over the past week. THE CANADIAN PRESS/Jonathan Hayward
A sign indicating face coverings are required by the establishment is pictured on the front door of a business in Vancouver, B.C., Friday, April 9, 2021. COVID-19 cases have been on a steady increase in the province of British Columbia over the past week. THE CANADIAN PRESS/Jonathan Hayward
B.C. to start releasing neighbourhood-specific COVID numbers after data leak

Documents obtained by the Vancouver Sun show cases broken down by neighbourhoods

Provincial health officer Dr. Bonnie Henry and Health Minister Adrian Dix update B.C.’s COVID-19 situation at the B.C. legislature, April 29, 2021. (B.C. government)
B.C.’s COVID-19 case count creeps up, seven more deaths

445 people in hospital, 157 in intensive care

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

Summerland’s positive test rate is much higher than surrounding local health areas, according to internal BC CDC documents. (BC CDC)
Summerland 3rd behind Surrey, Abbotsford in daily per capita COVID-19 cases

Interior Health is rolling out additional vaccine availability to the community

Mandeep Grewal was gunned down outside an Abbotsford bank in October 2018. Police said a violent gang war to control drug-line territory was going on at that time. Drug charges have now been announced against seven people. (FILE PHOTO: John Morrow/Abbotsford News)
7 people face 38 charges related to gang drug activity in Abbotsford and Mission

Police say investigation began in 2018 into expansion of Brothers Keepers’ drug line

Amazon is pausing its Prime Day marketing event in Canada this year amid ongoing COVID-19 outbreaks at its facilities in Ontario. THE CANADIAN PRESS/Nathan Denette
Amazon Prime Day halted in Canada due to COVID-19 outbreaks in warehouses

The event was postponed to protect the health and safety of employees and customers, the company says

Ally Thomas, 12, seen in an undated family handout photo, died on April 14 from a suspected overdose. Her family says they are frustrated more public supports weren't available when they tried to get her help. THE CANADIAN PRESS
Minister says suspected overdose death of 12-year-old pushing B.C. to ‘do better’

Minister Sheila Malcolmson of Mental Health and Addictions says the government is working ‘as hard as we can’ to build a system of care for youths

At this Highway 3 check point, police officers will be asking for identification from drivers, documentation regarding the driver’s name and address, and the purpose for the driver’s travel. (RCMP)
No fines handed out at 1st COVID-19 roadblock as checks move across B.C.

Cpl. Chris Manseau says a total of 127 vehicles were stopped at a roadblock in the Manning Park area

Most Read