Why money laundering thrives on Canada’s West Coast

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As sweet as Vancouver has become for its diverse set of residents to stay because of its stable economy and strong civil liberties, it has also become a base for illicit capital flight and black money, a situation that has drawn a host of criminal organizations linking Mexico, China and Iran. The efforts of British Columbian authorities prove futile. Hiding under the protection of laws that allows concealing of sources of cash and true owner’s identity, launderers have invested in Vancouver real estate business. Dirty money flowing in the system threatens real estate and make the system vulnerable to gang warfare, gun violence, car there and drug trade. The Supreme Court has set up a public inquiry commission headed by Austin Cullen to probe the matter and make possible recommendations on how to further combat money laundering particularly with individuals involved in casinos, car deals and home buyers. Vancouver has become a safe haven for launderers because of its bustling tech industry with expertise on encryption and cryptocurrency, strong constitutional protections and also for its border division between US, Mexico and Pacific The rate of auto theft that has reduced for some time began to rise since 2016 as records have it that over 18% of stolen vehicles in 2017 were not recovered, suggesting that organized criminal organizations are exporting the exotic cars being stolen. Money laundering cases often involve millions of documents which will require the police and prosecutors to invest more time and staff into investigations but the Supreme Court of Canada law which impose a time limit on trials is a great bane. Hence, British Columbia is advised to review its laws around cash flow and the time limits for trials.