Industry Reports

Peter German Shares Thoughts on B.C. Money Laundering at Vancouver Special Event

Money laundering in British Columbia’s gambling field has raised concerns among locals and the government has been prompted to take action and possible public inquiry. Until that happens, Business in Vancouver is willing to shed more light on the subject with the help of an upcoming special event on money laundering. May 14 would welcome BIV Talks: Money Laundering with a panel of experts sharing their knowledge with the audience.

Pieces of information and reports issued in the past several months have showcased that Lower Mainland casino venues have appeared attractive to many high roller players throughout the years. Ever since the late 90s said venues have aimed to cater to their needs with gaming offerings such as baccarat and more. Along with that, loan sharks have also find the area particularly convenient for washing copious amounts of cash for years on end.

Experts Share Their Point of View

The exact amount of dirty cash would be hard to pinpoint since it is a criminal activity we are talking about, but estimations have positioned the figure around the CA$2-billion mark. A recent U.S. Department of Interior report qualified Canada as a country drawing criminal proceeds with its lax regulations and insufficient resources for battling money laundering in an efficient manner.

Dr. Peter German served as a member of the Royal Canadian Mounted Police for more than 30 years to retire as Deputy Commissioner for Western and Northern Canada. His two reports on money laundering in the gambling, horse racing, luxury cars, and real estate fields have managed to stir the pot with discoveries and are a pivotal point of the criminal activity elimination.

He is going to be among the experts participating in the event and sharing his point of view. It could be recalled that his second report on washing dirty cash was submitted to the British Columbia government at the beginning of April and ever since then officials are looking through it. Some parts of it have already been issued, revealing that the premium vehicles field might be equally as appealing as the gaming one when it comes to cash washing.

May 14 Event Anticipated by Many

The second report focuses more on the housing market in British Columbia and especially the one in Vancouver, which has been referred to as one of the locations few people can afford. In addition to the former Mountie, this special event is also going to feature Darlene Hyde, Chief Executive Officer of British Columbia Real Estate Association.

She is going to share her view on money laundering possibilities in the local housing market. Peter Goudron, Executive Director of British Columbia Gaming Industry Association is also going to make his way to the experts’ panel and share his thoughts on the recent pieces of information issued and their effect on the gambling field. The event is about to commence at 3:30 p.m. at the Vancity Theatre in Vancouver.

Ticket prices range from CA$39 to CA$49. It could be recalled that the same location saw another expert panel on March 26, this time focusing on the slump in Vancouver’s real estate field. W. Scott Brown, President & CEO, Fifth Avenue Real Estate Marketing, James Lang, Associate Vice President, Colliers International, and Carla Guerrera, Founder & CEO, Purpose Driven Development, Planning & Strategy were among the panelists.