Money\u002Dlaundering experts warns Commons committee about a lack of transparency over ownership of fishing licences and quotas.
“It is worth noting that the linkage between fisheries, organized crime and money laundering is a subject which has been studied internationally, including by the UN office on drugs and crime,” German told the committee.
The top four “visible” owners of quota in the groundfish trawl, halibut and sablefish fisheries are foreign entities or individuals who don’t work the deck of fishing boats, but own up to half of the B.C.’s quota for those species, the report concluded.Article content Money-laundering concerns aren’t as prevalent on the East Coast because the federal government has regulations that limit ownership of commercial licences to local fish harvesters who operate their vessels, German said.
Establishing laws or mechanisms to prevent money laundering will be ineffective unless dedicated staff and funds are also deployed, he added. “This is regrettable, as it eliminates an important source of intelligence for investigators seeking to ensure that the fisheries are not being used by organized crime,” German said.Article contentThe committee asked German for further detail on the possible links between quota ownership and money laundering uncovered during his investigation.
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