B.C. ministers discuss investigation of money laundering in real estate

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He predicts the second phase will be a “larger beast to tackle,” because he says real estate drives the economy in B.C., while gaming has had less of an overall impact.

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German will also author the second report but says his investigation has just begun and there’s no word on a timeline for completion.

Phase one of German’s work, a 247-page report that identified blatant examples of money laundering in Metro Vancouver casinos, makes 48 recommendations and seeks sweeping reforms.

Those include appointment of an independent regulator overseeing the casino industry and creation of a specialized, around-the-clock police force to battle money laundering. 

German found at least $100 million has been laundered through casinos but admits the total could be much higher, although without a forensic audit, he can’t provide an estimate.

Eby said last week that casino money laundering was linked to the opioid crisis and could also be connected to real estate. (CHNL)

The Canadian Press