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Pulling the Plug on Money Laundering in British Columbia, Canada: lessons learned, and actions required

Authors: Cullen, Roy;

Pulling the Plug on Money Laundering in British Columbia, Canada: lessons learned, and actions required

Abstract

{"references": ["Baker, R. W. (2005). Capitalism's Achilles Heel: Dirty Money and How to Renew the Free-Market System. John Wiley & Sons.", "Beare, M. E., & Schneider, S. (2007). Money Laundering in Canada: Chasing Dirty and Dangerous Dollars. University of Toronto Press.", "Cassara, J. A. (2017). Countering International Money Laundering: Total Failure is 'Only a Decimal Point Away'. FACTCOALITION. https://thefactcoalition.org/wp-content/uploads/2019/12/Countering-International-MoneyLaundering-Report-August-2017-FINAL.pdf", "Cullen. (2019a). Website of the Committee of Inquiry into Money Laundering in British Columbia. Introductory Statement from Commissioner Cullen. https://cullencommission.ca/comm-statements/", "Cullen. (2019b). Website of the Committee of Inquiry into Money Laundering in British Columbia. Victoria Public Forum Summaries. https://cullencommission.ca/files/PublicMeetingSummaries-Victoria.pdf", "Dumont, M. (2018). Trade and Investment: Canada-China. Library of Parliament of Canada Research Publication No. 2018-588-E. https://lop.parl.ca/sites/PublicWebsite/default/en_CA/ResearchPublications/TradeAndInvest ment/2018588E", "FATF. (2013). FATF Guidance: Politically Exposed Persons (Recommendations 12 and 22). https://www.fatf-gafi.org/media/fatf/documents/recommendations/guidance-pep-rec12-22.pdf", "German, P. M. (2018). Dirty money: An independent review of Money Laundering in Lower Mainland casinos conducted for the Attorney General of British Columbia. https://news.gov.bc.ca/files/German_Gaming_Final_Report.pdf", "Global Witness. (2018). The Companies We Keep: What the UK's open data register actually tells us about company ownership. Executive Summary. https://www.globalwitness.org/en/campaigns/corruption-and-money-laundering/anonymouscompany-owners/companies-we-keep/#chapter-0/section-1", "Glynn, C., & Allison, M. (2017). Rising Rents Mean Larger Homeless Population. Zillow Research. https://www.zillow.com/research/rents-larger-homeless-population-16124/", "Government of Canada. Criminal Code of Canada. https://laws-lois.justice.gc.ca/eng/acts/c-46/", "Government of Canada. Criminal Code of Canada. https://laws-lois.justice.gc.ca/eng/acts/c-46/", "Morency, J-D., Malenfant, E. C., & MacIsaac, S. (2017). Statistics Canada. Immigration and Diversity: Population Projections for Canada and its Regions, 2011 to 2036. Appendix Two: Population by visible minority group, place of residence and projection scenario, Canada, 2011 and 2036. https://www150.statcan.gc.ca/n1/en/pub/91-551-x/91-551-x2017001-eng.pdf?st=rINutBd4", "Transparency International. (2004). Global Corruption Report. https://images.transparencycdn.org/images/2004_GCR_PoliticalCorruption_EN.pdf", "Vancouver Police Department. (2017). The Opioid Crisis: The Need for Treatment on Demand. Review and Recommendations. https://vpd.ca/police/assets/pdf/reports-policies/opioid-crisis.pdf"]}

While Canada has never been immune to money laundering, something began to change in 2015 when vast amounts of dirty money started to surface in British Columbia's casinos. Two reports released by the provincial government in early May 2019 revealed that more than $7 billion had been laundered in British Columbia in 2018, including an estimated $5.3 billion through the real estate market. In response to these reports a public inquiry was convened to examine the full scope of money laundering in the province. In this essay, the author draws on his experience as a Canadian Member of Parliament, a former parliamentary secretary to Canada’s Minister of Finance and an active leader with the Global Organization of Parliamentarians Against Corruption (GOPAC) to examine how Canada arrived at this point and what can be done to turn the tide

Keywords

Corruption, Beneficial Ownership, Money Laundering, Opioid Crisis

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This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
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