British Columbia is on a pursuit of the most appropriate solution to its money laundering issues that could eliminate the criminal practice within its gambling and real estate fields. Dr. Peter German, the former RCMP Deputy Commissioner who worked on two money-laundering reports has a new recommendation for the Vancouver officials.
He made it clear that the area could benefit from the creation of a new anti-money laundering committee that would keep a close eye on the field. The province is struggling to monitor its real estate, luxury vehicles, and gaming field in order to notice any suspicious transactions or activities.
Over the span of 2018 solely, British Columbia was able to see some CA$7.4 billion laundered through its real estate and gaming industries, and it should be taken into account that the gambling one witnessed only CA$2 billion laundered.
Anti-Money Laundering Assessment Needed
However, this information is a publicly available estimation and the real scope of the issue could be even larger. Dr. Peter German worked on his own report that served as a continuation of his first ‘Dirty Money’ one. This time he focused on the housing market of Vancouver, an area that witnessed a significant price surge over the past few years.
The information featured in this report revealed that the field offers criminals a convenient opportunity to launder cash, as they are not obliged to reveal the source of their cash payments. Such a vulnerable spot should be taken care of and this could happen with the help of this new committee overseeing the field.
Dr. German made a point this Tuesday during his conversation with the Vancouver City Council. He pointed out that this is yet another move the city could do in order to minimize and eventually eliminate money laundering possibilities down the road. The committee would have the task of reviewing the various financial transactions and aspects and offer a reliable evaluation of the status quo.
Second ‘Dirty Money’ Report Revealed More
This would result in a snapshot of the Vancouver financial operation landscape within its housing market and beyond. As a result, the committee is going to assess whether the field is taking good care of the money laundering prevention. This recommendation comes from Dr. German himself and he does not express the position of the British Columbia Government. In a sense, it is good-natured advice.
Taking action and working towards the elimination of this illegal practice is the least that Vancouver could to in order to eliminate the further risk for locals and the housing market in general. At the moment, the law enforcement could take care of the task of reviewing and evaluating the risk, but Dr. German thinks that this job could be best done by a team of experts in the field. They would focus their efforts and attention on this issue only and strive to achieve better results.
In response to this recommendation, local officials reminded that a new report is projected to be issued in June. Mayor Kennedy Steward made it clear that Police Chief Adam Palmer is going to make public his money laundering report shedding more light on the local field from another perspective. A public inquiry on the subject is also projected to launch in the foreseeable future, an opportunity anticipated by many community members seeking answers.