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B.C. government announces probe of money laundering

B.C. Premier John Horgan announced Wednesday his government will launch a public inquiry into money laundering activities across the province.
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 Photo: WWWING/ISTOCKPhoto: WWWING/ISTOCK

B.C. Premier John Horgan announced Wednesday his government will launch a public inquiry into money laundering activities across the province.

Horgan’s announcement follows the recent release of two reports to the B.C. government on money laundering.

Professors Maureen Maloney, Tsur Somerville and Brigette Unger, in a report titled Combatting Money Laundering in BC Real Estate, estimated $7.4 billion was laundered in B.C. in 2018, of which as little as $800 million or as much as $5.3 billion filtered into real estate.