BC government plans to investigate world class money laundering racket

BC government plans to investigate world class money laundering racket

The State
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[ThePostMillenial] British Columbia’s NDP Premier John Horgan has announced that the province will be launching a public inquiry into the billions in money laundering plaguing the province.

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The decision came shortly after the Premier met with members of his cabinet to discuss the implications and extent of the money laundering occurring within the province’s jurisdiction.

Two independent reports on the situation have raised the alarm about the extensive scope of the criminal practice. According to experts, money laundering in British Columbia accounted for $5.3 billion in real estate making up 5 per cent of the total value of housing purchases in 2018.

In total, authorities believe that approximately $7.4 billion was laundered through the province.

One of the reports also suggests that the laundering operations have been a contributing factor in the province’s rising housing costs.

This article continues at [ThePostMillenial] B.C. government opens inquiry into money laundering

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