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British Columbia affected by Money Laundering in Real State and Luxury goods

British Columbia (BC) prime Mr. John Horgan, has announced an investigation aimed to crack down in money laundering in BC.

The investigation will address issues in the Real State market, Gambling Business, Luxury Goods sales and other sectors such as legal services, trust providers and accounting services.

The investigations already started and will extend till 2021.

The declared aim includes the analysis of the effectiveness of law enforcement and supervision.

As per reported information: “This inquiry will bring answers about who knew what when and who is profiting from money laundering in our province,” BC Attorney General David Eby said in a statement. BC Supreme Court Justice Austin Cullen “will have the mandate, authority and resources to seek answers, perhaps most importantly among people and organizations who refuse to share what they know unless legally compelled to do so.”

The conclusions of this report and subsequent investigations will the used at state level by the Canadian government in order to better address money laundering in the country and to improve the level of effectiveness of the enforcement prior the round of visits of the FATF bodies in Canada.

Source

https://www.riskscreen.com/kyc360/news/bc-money-laundering-inquiry-raises-questions-for-the-rest-of-canada/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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