Industry Reports

Commissioner Austin Cullen Greenlights First Phase of Money Laundering Inquiry

British Columbia is on the verge of riveting following months, as the long-anticipated money laundering inquiry is about to commence on February 24. Locals have been awaiting more information on the subject for quite a while and now they would have the chance to learn more about the true scope of the money laundering crisis on a provincial level.

British Columbia Attorney-General David Eby hopes that the launching inquiry into money laundering would reveal more on the subject and meet the expectations of people living in the province. They have been directly affected by the criminal practices enabled by the local gambling field, the real estate business, as well as the luxury vehicles one. Commissioner Austin Cullen is about to greenlight the inquiry this Monday.

February 24 Sees Launch

For several years now, British Columbians are looking for answers given by some of the leading gaming corporations and watchdogs in the province. They have been granted standing at the money-laundering inquiry and would aim to reveal more about the problematic nature of the practice. Now it is time for the process to officially commence and seek solutions to the issue.

One of the main goals of this inquiry would be to find out the individuals responsible for the lax regulations existing on a provincial level, as well as pinpoint the people that allowed money laundering to go unnoticed for years. Such a move is expected to improve the overall trust in British Columbia’s government while also preventing criminal activities from thriving once again.

Mr. Eby himself stated that there are many unknowns left right now and this inquiry would aim to shed more light on them. Commissioner Austin Cullen is expected to give a green light to the official process. Some of the provincial corporations to participate in the inquiry are British Columbia Lottery Corporation, the British Columbia Real Estate Association, as well as individuals presenting their personal point of view.

Phase One Commences

Over the past few months, preparation has been in progress, as the Cullen Commission of Inquiry into Money Laundering was paving the way for the extensive inquiry involving leading corporations and individuals. Mr. Eby has been among the main supporters of an inquiry into the subject, as the information that has been surfacing in the public. Estimated figures of dirty money laundered over the years have staggered locals.

The Attorney-General also pinpointed that the loan sharks facilitating the process, as well as the Chinese players that have been participating in it have been referred to as VIP casino patrons for years on end, enabling the practice to continue. Now it is time for action. The Federal Court of Canada in Vancouver would see four days of a conversation including some of the leaders in the regional and national gaming field.

Geat Canadian Gaming Corporation, Gateway Casinos and Entertainment, Canadian Gaming Association, and the B.C. Government and Service Employees’ Union would also participate in the inquiry. May 25 is about to see the beginning of the second phase of this process, lasting five weeks. The fall months of 2020 are expected to see the main hearings of this inquiry.