It is hard to tell exactly how the economy is doing when there is so much criminal activity and money laundering going on. It is not doing anything real for the economy in the long term. All it is doing is fueling the opioid crisis, and affecting the housing market in a negative way. The money laundering is making the housing industry look like it is doing better than it actually is and companies are hiding behind these numbers.
Key Takeaways:
- Lawyer Jacqueline Hughes spoke at the hearing on behalf of the British Columbian Finance Ministry.
- Hughes stated that B.C. is known internationally to be a safe haven for money laundering.
- The B.C. government has taken action to block real estate purchasers from hiding behind numbered companies.
“B.C.’s NDP government called the independent inquiry last year after three reports revealed that casinos and horse racing as well as the real estate and luxury car markets had become laundromats for the proceeds of crime.”
