Enough dirty cash to distort housing prices flows through the economy
Mr. German singled out luxury vehicles for scrutiny. He found that the province’s inability to crack down on money laundering through car sales can be traced to the absence of financial tracking by provincial and federal watchdogs. Unlike banks and casinos, car dealerships aren’t required to report large or suspicious transactions to FinTRAC.
The real estate industry as a whole was characterized as being subject to “light-touch regulation” with some professionals subject to heavy provincial and federal oversight while others were not, Mr. German’s report stated. The provincial regulator of mortgages told Mr. German’s team that it has a “less-than-optimum window” on how many unlicensed mortgage brokers, private lenders and mortgage-investment corporations are operating. These firms are targets for money launderers because there is “no oversight in terms of who acts as a lender and no oversight in terms of their funding source or the payment back of mortgages.
“I don’t think anything in the German report has surprised those within the real estate, legal and mortgage businesses,” Mr. McCarthy said. “The scope and scale maybe, but not the details of it and that’s a problem.”Closing gaps in enforcement and regulation to stop criminals from laundering their dirty money in British Columbia’s economy is akin to playing the arcade game Whac-a-Mole: Knock down one problem, and another pops up.In his final report on money laundering, Mr.
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