Money Laundering: "The Vancouver Model"

[whatnext]

Wow, I guess you truly are a world class city when you have a method of money laundering named after you! One can only wonder how long the BC Liberals turned a blind eye to this.

...In his speech, Eby said he will never forget the first briefing he received from members of B.C.’s gaming enforcement branch when he became attorney general last summer.

“One of the members of the public service said, ‘Get ready. I think we are going to blow your mind.’ While I cannot share all of the details, I can advise you that the briefing outlined for me allegations of serious, large-scale, transnational laundering of the proceeds of crime in British Columbia casinos,” Eby said. “And I was advised that the particular style of money laundering in B.C. related to B.C. casinos is being called, quote, ‘the Vancouver model’ in at least one international intelligence community.”...

...Eby suggested that a “lax attitude” towards regulation of B.C. casinos, during a period when the previous government had enjoyed “massive increases in provincial gambling revenue,” seems to have contributed to the problems today in B.C.’s gambling system.

Eby pointed specifically to a decision by the B.C. Liberal government to cancel funding of a police unit that tackled illegal gambling, after the unit identified concerns with organized crime influence in B.C. casinos and proposed changes “to improve the ability of the existing policing team in identifying and prosecuting offenders.”...

...Eby also said that he believes B.C.’s property ownership system — in which true owners of property can hide behind opaque legal mechanisms — could be attracting foreign criminals and corrupt officials seeking to hide wealth in the province. Eby said Finance Minister Carole James is working on reforms to pull back legal veils that cover true ownership of property and corporations.

Eby pointed to a 2016 study by Transparency International that showed real estate buyers in B.C. are using shell companies, trusts and nominee buyers to hide their beneficial interest in property....

http://vancouversun.com/news/local-news/...ng-allegations-b-c-attorney-general-says