B.C. is investigating possible money laundering in Lower Mainland casinos. (Black Press files)

Track cars bought for cash, money laundering investigator says

Peter German says Vancouver is ‘Canada’s luxury car capital’ with no oversight

Cash purchases of luxury cars and other expensive items should be subject to “geographic targeting,” the money laundering expert hired by the B.C. government recommends.

“The criminal lifestyle is often attracted to expensive consumer goods, such as luxury cars, and due to their high value, these items can also be used to reintroduce illegal cash to the legitimate economy,” says one of the latest recommendations from Peter German, a former deputy commissioner of the RCMP. “Currently, there is no tracking by government of cash purchases for luxury items.”

German calls Vancouver “Canada’s luxury car capital,” recommending that Metro Vancouver dealers should report cash purchases. A reporting threshold higher than $10,000 may be needed to prevent the shift of local buyers to other areas, he says.

B.C. Attorney General David Eby released a new set of interim recommendations from German Monday as he prepares to appear before the federal finance committee in Ottawa this week.

German also calls for better resourcing of police, after the RCMP eliminated its national commercial crime and proceeds of crime sections in 2012.

“Although the RCMP is rebuilding its financial crime expertise, the gap in federal policing in this area between 2012 and 2017 shifted responsibility for white-collar crime to provincial and municipal police forces, which generally do not have the resources or expertise to take on these complex files,” German said.

The federal government is considering changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. German recommends information sharing between police agencies and the federal government’s Financial Transactions and Reports Analysis Centre (FINTRAC), which requires reporting of large cash transactions at casinos.

B.C. has already implemented two of German’s recommendations for casinos. One requires casinos to fill out a form identifying the customer and the source of funds for any cash or bearer bond deposit of $10,000 or more.

The other is to hire government regulators to be “seen on site at large, high-volume facilities” 24 hours a day.

Just Posted

Deboon retires from conservation service

After nearly 30 years of service as a conservation officer in the… Continue reading

VIDEO: Highway 3A reopened after mudslide cleared

A mudslide closed Highway 3A between Castlegar and Nelson just north of the Brilliant Dam on Wednesday.

Gallery: Fernie Alpine Resort closing weekend

Our best photos from the Powder, Pedal, Paddle relay race, Fernival and Slope Soaker.

Focus on emergency preparedness

Fernie to host 2018 Association of Kootenay Boundary Local Governments Convention from April 18-20.

VIDEO: Gerry Pang – the heart of hockey

After coaching hockey goaltenders since 1997, Gerry Pang has finally decided to hang up the skates.

Could facial scans and fingerprints make you unhackable?

New biometrics capabilities could be a game-changer for those trying to get on your accounts

Countdown is on to the 2018 B.C. Summer Games

Cowichan Valley hosts on July 19-22

Driving Change: A B.C. man’s charitable trip across Canada

A Kelowna man, his bus, and his mission for positive change across our country

Case of teacher secretly filming teens reaches top court

Acquittal of teacher, Ryan Jarvis, who secretly videoed teens ‘dangerous,’ top court told

Why a 14-year-old will lead the charge at annual marijuana protest on the Hill

Marijuana enthusiasts have long been circling April 20 on their calendars as annual day of cannabis

B.C. communities await marine spill compensation years after incidents

The government maintains a Ship Source Oil Pollution Fund to compensate Canadians

RCMP say too early to know what happened in Broncos crash

RCMP Assistant Commissioner Curtis Zablocki said collission very complex

Conservative MP wants feds to close loophole for illegal border crossers

Immigration advocates call on government to suspend Canada-U.S. Safe Third Country Agreement

Alberta university criticized for honouring David Suzuki

University of Alberta plans to bestow environmentalist with honourary degree

Most Read