B.C. to ask Ottawa for more tools to fight money laundering

The federal government should provide more tools for police and provinces when it comes to money laundering, says the person tasked with investigating the subject for the B.C. government.

Lawyer Peter German a former deputy commissioner of theRCMPand author ofCanada's leading anti-money-laundering law textbook has recommended that FINTRAC, Canada's financial intelligence unit, share information with police, and that police have adequate resources to pursue leads.

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German's recommendations come a day before B.C. Attorney General David Eby speaks to a federal committee that is reviewing Canada'sProceeds of Crime and Terrorist Financing Act.

"Through agencies like the Financial Transactions and Reports Analysis Centre of Canada, Revenue Canadaand the federal RCMP, the Government of Canada has a major role to play in combating money laundering," said Eby in a statement.

German is also recommending the government track cash purchases of luxury cars, as "due to their high value, these items can also be used to reintroduce illegal cash to the legitimate economy."

The federal government's money-laundering penalties are currently being reviewed by the committee Ebywill speakbefore.

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Full report coming soon

Last year, Eby tasked Geman to lead an investigation into money laundering in B.C.after reading a report commissioned bythe previous B.C. Liberal government, which claimedthe River Rock Casino inRichmond accepted $13.5 million in $20 bills in July 2015 thatpolice said could be proceeds of crime.

German's full report is dueat the end of March, but already casinos have been forced to provide a "source of funds declaration" when receiving more than $10,000 in cash deposits or bearer bonds.

The investigation expanded last month to explorethe role money laundering plays in other areas of the province's economy, including the real estate market and the activities of fentanyl dealers.