VICTORIA — The British Columbia government has launched a public inquiry into money laundering, a crime the premier says has distorted the provincial economy, infiltrated casinos, fuelled the overdose crisis and increased the price of real estate. “Even with many red flags, the problem of money laundering is bigger than we thought and more entrenched than we hoped,” Eby told a news conference. He said money laundering is a “crisis” in the province’s economy. The reports also shed more light on the possibility that money laundering is a larger problem in other provinces. After learning of the reports’ conclusions, Prime Minister Justin Trudeau said the information was “extremely alarming,” adding that money laundering is hurting people by disrupting the housing market.

Source: National Post May 15, 2019 20:35 UTC