B.C. ministers, feds to draft money-laundering strategy at special meeting
British Columbia’s efforts to fight money laundering are expected to be front and centre today at a special meeting of federal cabinet ministers and their provincial counterparts to discuss national strategies for stemming the problem.
The B.C. government says the meeting in Vancouver will highlight new legislative changes already underway in B.C. that could be replicated across the country, including laws to end hidden ownership.
Federal Finance Minister Bill Morneau and Organized Crime Reduction Minister Bill Blair have scheduled a news conference after the meeting to provide details on Ottawa’s plans to combat both money laundering and terrorist financing.
The province launched a public inquiry into money laundering in May after three independent reviews revealed that billions of dollars are laundered each year through the B.C.’s casinos, real estate market and other sectors.
WATCH: Politicians welcome money laundering inquiry
B.C. Finance Minister Carole James says in a statement that money laundering has distorted the province’s economy, fuelled the overdose crisis and driven up housing prices.
But she says criminals don’t stop at provincial borders.