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By Veronica Beltran

POST-SECONDARY MONEY LAUNDERING

BC cracking down on money laundering in post-secondaries

May 28, 2019 | 1:38 PM

VICTORIA–The BC government says it’s cracking down on money laundering within public and private post-secondary institutions.

In a report earlier in May highlighting money laundering in real estate, luxury cars and horse racing–post-secondaries were mentioned as being a vulnerable sector.

“Unfortunately, even our post-secondary institutions are at risk for money laundering. Peter German has advised that people are paying thousands of dollars in suspicious cash for multiple semesters in advance and then seeking refunds by cheque. Our post-secondary institutions must not be used to launder money, and we are asking them to review their policies to put a stop to it,” said David Eby, Attorney General.

Post-secondary institutions have been asked to review their financial policies ensuring that large cash payments from a single student is not accepted.

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A report from the Expert panel on Money Laundering in Real Estate estimates that over seven billion dollars in dirty money was laundered in BC in 2018 causing an increas e in the cost of buying a home by 5 percent.