B.C.’s money laundering fuelled by offshore and drug money, inquiry hears GlobeBC
Peter German, former deputy commissioner of the RCMP, speaks at a news conference on money laundering in Vancouver in 2018.Some of the billions of dollars that have been spirited out of China and pumped into British Columbia’s economy in recent years have mingled with drug money and bolstered the underground money-laundering sector, one of Canada’s foremost academics told a provincial inquiry Monday.
A central force in how the province became a hotbed for this crime was the massive flow of people transferring money out of China via underground banking networks, according to Dr. Schneider, who is scheduled to testify virtually for another two days.Brock Martland, the commission’s lead counsel, asked Dr.
“Capital flight may not be necessarily be laundered by the strict definition of the term – if there was no criminal predicate offence – but the capital flight fed into a broader system that not only supposedly increased inflation in the housing market, but more importantly became an integral part of the whole money-laundering system that has became known as the Vancouver Model,” Dr. Schneider told the virtual hearing from his home on the East Coast.
The B.C. NDP government called the inquiry last May after three independent money-laundering reviews, including two by Mr. German, former deputy commissioner of the RCMP. Mr. German concluded that crime groups were funnelling billions of dollars into B.C. through real estate, luxury cars and other parts of the economy. According to a report from B.C.
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