Money laundering allegations in relation to British Columbia have been swirling around for quite some time now. As a result of a recently issued report pointing out that Canada has laundered CA$47 million over the span of 12 months only, British Columbia decided to launch a long-anticipated public inquiry. What should be noted is that federal Organized Crime Reduction Minister Bill Blair claimed that the focus should be on British Columbia, instead of the nation as a whole.
The discoveries made by the report were scandalous for many of the provinces, but it should be taken into account that British Columbia did not see the biggest figure when it comes to money laundering. Only about CA$7.4 billion was laundered over the past 12 months and some CA$2 billion were washed via the local gambling field. Such discoveries prompted the public inquiry efforts, something that has been considered for several months now.
Federal Government Already Fights Money Laundering
This approach was postponed until the two reports focusing on the housing market were issued. The information included in them was what triggered subsequent actions. Now the federal minister that has the task to battle money laundering pointed out that the approach should be focusing on British Columbia as a vulnerable province. This would guarantee the efficiency of the public inquiry.
Involving all remaining provinces that might be threatened by money laundering crisis is unnecessary as of now, states the minister. The reason for this narrowed scope is that the Federal Government has already taken measures against money laundering on a national level. The various tools that would prevent this illegal activity have already been introduced to the field and results would be visible soon.
The crackdown on illegal proceeds laundering has been evident and its impact on some businesses has been an inevitable repercussion. British Columbia casino venues such as Parq Vancouver have reported a drop in its gaming revenue soon after the crackdown commenced on a national scale.
CA$7.4 Billion Laundered in British Columbia
It also could be recalled that the federal budget for the upcoming year also includes vital new forces that are going to oversee the field and provide a much-needed control. A special task force would soon be created in order to seek potential threats and eliminate any possible money laundering opportunities.
It also guarantees additional cash poured into the RCMP and the Financial Transactions and Reports Analysis Centre of Canada. In this sense, Mr. Blair pointed out that there is no need for the public inquiry to range across Canada, but instead it would be best if it focused on the vulnerable British Columbia that has to work on its anti-money laundering resources.
This public inquiry is going to shed more light on the true nature of many local corporations and their owners. A public registry would make it easier for the province to follow the flow of cash and such registry is projected to become public next year. Anonymous property owners would be a thing of the past. Upcoming weeks are projected to see more development on the subject.
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