Wednesday, October 28, 2020

British Columbia: New money laundering reports will be released ‘as soon as possible’

-

The BC government has received a pair of long-awaited reports looking into money laundering in this province.

One of them is a follow up to former RCMP deputy commissioner Peter German’s initial report released last June that looked at the links between money laundering and casinos and concluded with 48  recommendations.

German’s new report focuses on money laundering in real estate, luxury cars and horse racing and is now in the hands of government.

“I’ve received Dr. German’s report — it’s very lengthy, more than 300 pages,” said Eby. “Our staff will be going through it in detail, and the goal is to release it to the public as soon as possible,” he told reporters at the legislature on Monday.

- Advertisement -

The latest German report was commissioned by the province last fall following widespread concern about B.C.’s reputation as a haven for money laundering.

‘Cleaning up’ real estate sector

The other report submitted this week is from an expert panel on money laundering, chaired by former deputy attorney general Maureen Maloney.

It was tasked with making recommendations to B.C.’s finance ministry about ways to close loopholes in the real estate market.

“Our real estate market should be used for housing people, not laundering the proceeds of crime,” said Finance Minister Carole James in a statement.

- Advertisement -

“That’s why we asked our expert panel to review our rules and regulations and to offer concrete actions that we can take to clean up our real estate sector.”

Both reports were submitted by the March 31 deadline, but it’ll likely be later this spring before they’re released publicly.

MUST READ

Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

UAE suspends licences of 200 law firms over anti-money laundering compliance

Practicing licences of 200 law firms in the UAE have been suspended for a month for not following the prescribed procedures to combat money...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Former Blue Bell Creameries CEO indicted for fraud linked to 2015 listeria outbreak

The former president and CEO of Blue Bell Creameries L.P., a Texas ice cream company, was indicted Tuesday on wire fraud charges in connection with a scheme...

Operators of fake theology school accused of stealing $12 million in student aid

Six people from three states are charged with defrauding $12 million from federal student aid programs by allegedly enrolling students into a theology school...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks