MONEY LAUNDERING

In this year’s budget, the Liberals promised $70 million over five years to create a money-laundering task force and support financial intelligence gathering. Another $68.9 million over the next five years was earmarked to strengthen policing. The Liberals also amended the Criminal Code this year to make it easier to prove money laundering. “This is a real problem we are taking seriously,” Trudeau said following a B.C. report that estimated laundering at $46.7 billion in Canada.

Scheer announced that his party would launch a national moneylaundering inquiry to “root out” corrupt practices that inflate housing prices. About $20 million would be budgeted for the two-year inquiry, meant to produce recommendations for regulatory and legislative changes and extra enforcement. The inquiry would be able to compel testimony and order disclosure. “We believe this will get to the bottom of the shadowy practises that are going on,” said Scheer.

The NDP announced it would launch a national inquiry to determine why there hasn’t been sufficient investigation into a criminal activity that is “so widespread.” The NDP would create an RCMP antimoney-laundering unit supported with $20 million a year, with $10 million of that earmarked for B.C. The NDP would work with provinces to create a registry to increase transparency about who owns properties. “This is a direct issue the federal government can play a massive role in flagging, identifying and in ending,” said Singh.

The Greens are calling for a public inquiry into what the RCMP and other agencies knew about money laundering in B.C. casinos and why they did not expose the corruption. In the House of Commons this year, May said: “What did the RCMP know, why did they turn a blind eye and are we looking into it?” The party says a crackdown is needed on financial crime, suggesting a special RCMP unit and more resources for investigations and prosecutions.