Industry Reports

Nine out of Ten in B.C. Consider Money Laundering Serious Concern, Nation Seeks Inquiry

Money laundering has been a widely discussed topic across Canada for quite some time now, as it is linked to a practice that has spread across a wide range of sectors. The Angus Reid Institute conducted a detailed survey on the subject, aiming to learn more about Canadians’ perspective on money laundering.

It revealed that about 74 percent of the people participating in it consider it a serious issue on a provincial level, while more than 80 percent claim that the nation as a whole should do something about it.

Even though money laundering has been detected across the provinces, British Columbia has often been associated with said criminal practice. This is a result of previous discoveries and reports on the subject. Nine out of ten locals consider money laundering being a serious issue within British Columbia. Such an amount of concern marks the highest percentage of all provinces part of this survey.

CA$100B Washed Annually

British Columbia locals have been experiencing the negative impact of money laundering across a palette of sectors such as the local gaming field, luxury vehicles sector, as well as the notorious housing market in Vancouver.

Washing dirty cash is possible when criminals target weak spots and take advantage of them. Enabling such a practice to continue for years on end has resulted in skyrocketing real estate prices in metropolitan areas of the province.

This spring saw a report issued by C.D. Howe Institute pinpointing CA$100 billion per year as the potential amount of cash washed on a national level. On a national level, the poll showed that seven out of ten consider a public inquiry a must at this point.

Every province could host a local inquiry on the controversial subject and seek more information that would help future probes. It would also give Canadians answers to the questions they have been asking for months now. Ontario is the province where the highest percentage of residents want a public inquiry – 78. This fall is projected to see it come true.

Criminals Attempt to Trick the System

Earlier this month, one of the kingpins behind an underground bank in Vancouver attempted do sell a CA$2.3-million house the British Columbia Civil Forfeiture Office is after. The home is located in the southeast end of Vancouver and according to the information, its owner is no other than Caixuan Qin.

The spouses Caixuan Qin and Jain Jun Zhu have been linked to the illegal operation of Richmond-based underground bank that was linked to Silver International. The sale was supposed to be facilitated by a numbered company, while an employee of the underground organization was supposed to purchase it. The attempt was made despite existing freeze order by the Civil Forfeiture Office.

It should also be taken into account that the poll revealed increasing discontent with the government measures battling the criminal practice. Mid-July, the Criminal Code witnessed amendments making it illegal for an individual to perform money exchange on behalf of another person or organization while being aware that it could be money laundering facilitation.