Decision on money laundering inquiry to be announced today

Decision on money laundering inquiry to be announced today

B.C. to hold public inquiry into money laundering

The British Columbia government has launched a public inquiry into money laundering, a crime the premier says has distorted the provincial economy, infiltrated casinos, fuelled the overdose crisis and increased the price of real estate.

Horgan says the reports made it clear the depth and magnitude of money laundering in B.C. was far worse than the government imagined.

The decision comes after a report last week revealed $7.4-billion of dirty money flowed through the province past year.

Some of the powers that will be available to Cullen that were not available for Peter German when writing his report include the right to inspect any public place and seize records, the right to apply to court to obtain a warrant, the right to order a person to attend a hearing and testify, and the power to find someone in contempt if they fail to comply, explained Attorney General David Eby.

"Even with many red flags, the problem of money laundering is bigger than we thought and more entrenched than we hoped", Eby told a news conference.

Earlier this month, German released findings on money laundering in the luxury vehicle sector.

It said B.C. ranked fourth for the crime among a division of six regions in Canada, behind Alberta, Ontario and the Prairies - collectively Saskatchewan and Manitoba - for the years 2011 to 2015.

After learning of the reports' conclusions, Prime Minister Justin Trudeau said the information was "extremely alarming", adding that money laundering is hurting people by disrupting the housing market.

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