Amid growing fears that the Vancouver region has become a hotbed for money laundering, Mounties in B.C. has become “infamous” for money laundering, David Eby, B.C.’s attorney general, told the House of Commons finance committee in Ottawa in late March. Eby alluded to a potential nexus between illicit money flowing through casinos and money laundering in the “out-of-control” real estate market. “People naturally ask: where’s the money coming from?” Eby told the committee, noting that German has been asked to carry out a second review focused on money laundering through real estate. Currently, the real estate and casino industries are among the sectors required to file suspicious transaction reports to FINTRAC, the federal body tasked with detecting money laundering and terrorist financing.

Source: National Post May 03, 2018 18:33 UTC