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Cullen Commission Hears Baffling Money Laundering Info

Cullen Commission of Inquiry into Money Laundering in British Columbia continues its second phase of the public inquiry providing more information on the way money laundering has been taking place across the province. Criminologist Stephen Schneider revealed more on the second day of his examination with the help of 171 pages of analysis.

Stephen Schneider, a criminology professor at St. Mary’s University in Halifax, had a total of two days to share everything he know on the subject with the help of the analysis he had worked on. He said that money laundering across the province of British Columbia has reached a never before seen magnitude over the past ten years. He used various sources to the likes of news outlets, academic research, and literature.

Stephen Schneider

Mr. Schneider took his time and researched the subject in preparation for the May 25 start of the public inquiry second phase. He researched in depth the criminal activities taking place in the province and came to the conclusion that the real estate and the gambling market on a local level have been facilitating the laundering of criminal proceeds.

The Vancouver model is renowned across British Columbia and Canada in general, as it facilitates the extensive laundering of illegal funds coming from China. The money in question is often exported via informal value transfer systems, making it possible for it to reach British Columbia without any hiccups. Criminals often mix the received money with drug trafficking proceeds generated in the meantime.

Casino venues across British Columbia are among the hotspots for criminals to wash dirty cash. River Rock Casino in Richmond is rumored to have seen large quantities of cash being laundered by the local loan sharks fueling high rollers’ gaming activities. The casino location welcomed Asian players with its thematic gaming offerings and conditions allowing high roller gaming.

Money Laundering Public Inquiry

Mr. Schneider also noted that money laundering has not commenced a couple of years ago, as there are signs of this criminal activity in the past. Brick-and-mortar casino gaming is particularly beneficial for the individuals seeking money laundering opportunities, but it should also be taken into account that the local real estate market has also been used for similar activities. Mortgages are among the preferred money cleaning methods.

The Vancouver model of money laundering is unique for the region, as it is a multi-faceted approach to criminal activity. Mr. Schneider came to the conclusion that it would not be replicated in its full magnitude in another Canadian province. It allegedly involves organizations to the likes of Silver International Ltd. based in Richmond. They appear to be conducting a certain type of business, but in the background, money laundering is taking place.

It could be recalled that last spring witnessed the Cullen Commission on Money Laundering unveil that upwards of CA$7 billion was laundered across British Columbia in 2018 solely. This information is what triggered the public inquiry into money laundering, seeking more information from individuals that have observed the fields attracting dirty cash. This Wednesday will bring more of Mr. Schneider.