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The B.C. government is launching its promised Phase 2 investigation into money laundering in the province, this time focusing primarily on real estate, as well as luxury cars and horse racing.
The move follows the sweeping regulatory changes made in B.C.’s casinos in June, following a probe into money laundering in casinos by Dr. Peter German. At the time Attorney General David Eby said there would be a second phase investigation to prevent the potential “whack-a-mole” effect of more criminal money popping up in B.C. real estate.
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In an announcement September 27, Eby made good on that promise with the launch of a “two-pronged review aimed at shutting down avenues for money laundering in real estate and other sectors.”
The province said that part one would be led by the Ministry of Finance, and would “identify systemic risks that leave the real estate and financial services sectors open to money laundering.”