B.C. launches money laundering inquiry | Power & Politics

B.C. launches money laundering inquiry | Power & Politics
B.C. launches money laundering inquiry | Power & Politics
These are profound problems for our system to be sure, but their profound problems for the people of British Columbia as well. Families can’t afford to live in our major cities. Families are seeing loved ones died because of drug activity that has exploded over the past 15 years and the proceeds of that crime is continuing to circulate through the economy. We want to snap that out help us to understand the impact of organized crimes, activity in thickly, money laundering, on the quality of all of our lives pair of recent reports. More than seven billion dollars in illegal cash flow to the BC economy last year, mainly through the province’s real estate, gambling and luxury car industry, and according to those reports, that’s the cost of home prices and fueling opioid crisis. Critics of the government’s announcement say and inquiry will take too long and cost too much money, and more focus should be on catching those responsible for the money laundering. So is the enquiry. The right step to take John Allen is a board member of transparent International Canada and a fellow at the University of Toronto’s Munk School of global Affairs and public policy. He joins us now from looking quite what problem is it looking to delve into its looking into the problem of people bringing illegal money very often from abroad, bringing it into Canada and doing what we call snow wash or cleaning it, and how do they clean it? They clean it by buying up real estate Condominiums homes in Vancouver and Toronto, thereby radically raising the prices of those homes, I’m making it impossible for young people at to buy a house or a condo now, so they cleaned their money, it’s no longer traceable and they Go back and continue to do their illegal activities and they used Canada because amongst Western countries, Canada has some of the weakest anti-monitor anti-money laundering legislation, and they also use Canada because they set up corporations and they can set up trust and the beneficial owner. The real owner of those corporations and trusts does not have to be designated, so we don’t know when we have number corporate, as we have many of them, buying up these condos and these houses and cleaning their money in casinos. We don’t know who really owns the corporations that are involved. Activity said it was. A transnational problem, obviously were talking about BC today, because they’ve announced an inquiry NV. The reports have focused so far on to a large degree on what’s happening in DC. What is it about DC that have become a home to how much of this reportedly? Is it just your graphic, or is there more play? Will let me just say the Transparency International a couple of months ago, in March, released a report called opacity opposite of transparency. In which they highlighted the extent of the problem in the GTA, the 28 billion dollars of homes that have been bought by corporations since 2008, the over 10 billion dollars in who’s that were bought with cash and the over 20 billion dollars in homes that were bought Through unregistered lenders, so it’s not just a problem in BC. I think what you’re seeing NBC is a government that is prepared tackle the problem. That was embarrassed a bit by the fact that stories came out that people were walking casinos with hockey bags full of cash, and then they began to look into the export of luxury car. And, of course, we know that the price of homes in Vancouver the highest in Canada has also been problematic. So it’s a government that took over recognize the problem and through declaring yeah a public, beneficial ownership registry, and by having this inquiry they want to dig a little deeper into it, so they can address it properly. Well, I think it should try and clearly identify what means can be used in order to tackle this problem – and I said a public beneficial Registries one, but there are clearly other ways: the purchasers in the vendors of real estate, their real names. Their ownership must be known and they have to prohibit the ability people to walk into casinos or banks with large amounts of cash. I think they want to to get into the real details of how this is happening, so they can properly address it, and I think federal government in Canada and the Ontario government should be watching this closely, but should be acting already. Canada is actually a lagger internationally on this issue. A lot of what you’re discussing seems like it, wouldn’t be just slowly provincial jurisdiction. What role for the federal government be taking on right now? What action should they be taking in terms of Corporations and trusts corporations and trusts or incorporate and set up both provincially and federally? In fact, the majority are set up provincially, but the federal government can definitely take the lead by ensuring that any federal corporations and trusts have a pub beneficial ownership registry attached to them. And they can also take the lead by setting up a kinds of regulations of the province’s, could more easily adopt and would feel comfortable, knowing that there’s both of fed and a provincial set of regulations in place that are similar. The other thing the federal government can be doing is increasing enforcement 140 $ 1000000 over five years is simply not enough. These people have billions of God. Federal government has to treat this white-collar crime, that’s no washing as a priority. This is money that is being used, as you heard, for criminal purposes, it’s being used, increase the prices of homes and there’s also a considerable amount of tax evasion. That’S going on related to it, as you can imagine, people that money, launder, don’t have a great track and they have a lot of money to pay people to help them avoid those taxes. If you have a corporation – and you don’t know who the owner is, then it’s very hard to figure out who’s evading taxes. Well, but that’s what the scope of the problem is, whether it be NBC or more more right across the country. I had read that there was some debate around the models used in the reports so far and that there is a wide range of a figures available. For example, one reports that it could be anywhere between eight 5 billion dollars in money laundering through just real estate. In BC, you have to remember that this is money laundering, it invisible and until you have something like a public, beneficial ownership registry, you can’t track down the people and you can’t easily track down the money. So there is always a problem and identifying the exact amounts. There’S a recent CD: how report I’m done by another board member of transparency, that has some figures and, of course the report’s done out of BC have figures. I think the important thing to note is it’s a lot of money and whether it’s 5 billion or its 10 billion, it’s something that really should be addressed as soon as possible: Transparency, International Canada by subscribing to the CBC News, Channel or click the link for another Video thanks for watching
British Columbia has launched a public inquiry into money laundering, sparked by a set of explosive reports showing widescale laundering in the province’s real estate, gambling and luxury car sectors.
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