VICTORIA, B.C. – The Province of British Columbia has announced that it will hold a public inquiry into the issue of money laundering.
According to the Government, money laundering has distorted the B.C. economy, fuelled the overdose crisis, and driven up housing prices.
The decision to proceed with a commission of inquiry follows three independent reviews that found extraordinary levels of money laundering in B.C.’s real estate market and other sectors of the economy.
Premier John Horgan says British Columbian’s deserve answers when it comes to money laundering and how it has affected the economy.
“From day one, our government has been working to tackle the housing crisis and fraud that went unchecked for over a decade, hurting people and B.C.’s economy. We have taken decisive actions to combat money laundering, but questions remain and people in B.C. deserve answers. That is why we have decided to proceed with a public inquiry into money laundering in the Province of British Columbia.”
B.C. Supreme Court Justice Austin F. Cullen has been appointed to head the inquiry, which will look at the full scope of money laundering in B.C.
According to the Government, the Commission of Inquiry into Money Laundering will deliver an interim report within 18 months and a final report by May 2021.