B.C. moving slowly on money laundering recommendations, Canada even more slowly



The issue of money laundering has received significant attention worldwide due to its adverse effect on the economy. According to Postmedia, millions of dollars were laundered through Lower Mainland Casinos, and a minimum of $43 million of property-worth has been attached to money-laundering. The B.C government has put a plan in place for a new law that requires every individual or group property owners, and those to disclose their true identity of face penalty of about $100,000 of 15% of the property worth. The information will only be accessible to law enforcement agencies. The government will also by next year provide regulations against gambling through a proposed gambling office control to prevent money-laundering.

The Postmedia database showing the progress of the 120 anti-money laundering recommendations revealed that only 22 have been executed. B.C Attorney General Eby told Postmedia that it is set to make certain changes in the next 6 months, some of which include beefing up gambling oversight, extending funding for an integrated policing team and creating a team to review suspicious transactions at casinos, as officers in charge are now available 24/7 at Lower Mainland Casinos. In spite of the effort made by the government, Eby has pointed that the government seems not to be ready as the beefed-up policing has not to be delivered, and only 5 of the 49 recommendations with the federal government have been executed, the promised task force to combat money laundering and funds needed for the implementations are still underway.

The government responded to the concerns of Eby, saying a team of 8 formed to setup policy standard that will enhance money-laundering investigations and prosecutions has been approved by several federal agencies. Fintrac has confirmed to be receiving positive actions from virtual currency dealers. The Canada Border Services Agency, primarily responsible for evaluating trade-based money laundering is also in its development stages.