Richmond Offers Feedback on Money Laundering Prevention

Money laundering continues being one of the hot topics in British Columbia, as municipalities get involved in the recommendation process. Richmond had something to say on the subject, as it revealed that the local police officers lack the needed resources to probe into situations possibly enabling money laundering. British Columbia’s government is looking for ways in which the municipalities could optimize the process with their feedback.

Richmond is one of the areas where money laundering has allegedly proliferated over the past two decades. River Rock Casino is the gaming venue attracting large crowds of people ready to try their luck on a regular basis. Among them, there were also Asian high rollers ready to wash cash while gambling and possibly winning big.

Province Should Do More

The name of this venue has appeared in multiple reports on money laundering and it has also been linked to the regular operation of local loan sharks supporting the Chinese high rollers with more money in cash. This made it possible for the gaming activity to last longer and to wash more cash. The reports of such practices have been confirmed during last week’s first phase of the inquiry.

• B.C. Casino Loan Shark Faces Yet Another Money Laundering Lawsuit

The Cullen Commission of Inquiry into Money Laundering spend three days listening to the first-person stories regarding money laundering practices, as well as the experience larger gaming corporations have had. Everyone that had been granted a standing had the chance to share their truth and reveal more on the true scale of this provincial issue. The next step for the province is to seek more feedback from the municipalities.

• Richmond Locals Unveil Their Truth about Casino, Real Estate Money Laundering

They are asked to issue more information on the ways they are able to battle money laundering on a local scale. Richmond was one of the areas recently announcing its position. The City Staff made it clear that the local police are unable to meet the money laundering battling expectations as of now and the province would have to take action.

Cullen Commission Heard Stories

The province is ready to launch two new initiatives that would aim to minimize money laundering down the road. The first one would be the brand new publicly searchable registry listing the real owners of every company based in Canada. This would eliminate the shell companies often used for snow washing, as the practice is commonly referred to. This Monday is about to see a conversation on the subject in Richmond.

• First Money Laundering Public Inquiry Meeting Comes to Vancouver

The municipality made it clear that this move might be a successful one, as it would make it easier for the Mounties to locate hints of money laundering and implement further battling measures. However, on a municipal level, there is not much the local police could to in order to enable any hypothetical investigation on money laundering. The ownership registry is eyed by the entire province, as well as all Canadians, as it could change the way the world sees the country.

• Alleged Money Laundering Kingpins Won’t Lay Hands on Their CA$2m

Its existing laws make it possible for anyone to set a company and potentially engage in snow washing or money laundering. Corporations, trusts, and partnerships passed in British Columbia would also be included in a searchable registry. Richmond has also made a recommendation regarding the outdated Mortgage Broker Act, as the provincial housing market is one of the weaker spots targeted by criminals.