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

VIDEO: New doctors, but fewer spaces for patients in Langley

Retirements have left some Langley residents without a family physician.

Langley Thunder stop Shamrocks

The local lacrosse season is close to wrapping up.

‘Sabrina’ series will film late into the night in Cloverdale

Chilling Adventures of Sabrina will be on location at ‘Cerberus Books’ until early Saturday

Throwback Thursday: July 19, 2018

Can you help us caption a photo from Langley’s past?

Our View: Location matters when it comes to candidates

Those running for civic office should live in the community they want to represent.

VIDEO: Langley City invests in outdoor recreation for residents

New amenities have been added to several of its parks, including ziplines.

BC Wildfire update on Okanagan blazes

Watch the media briefing on the current fire situation in the Okanagan.

RCMP help to save goats from wildfire

The fast-approaching wildfire, sparked Thursday, forced the evacuation of five homes

VIDEO: Near drowning captured on popular B.C. river

Search and Rescue manager says the popular pastime of floating in the summer is inherently dangerous

Crosswalk vandalism leaves black mark for Cowichan as B.C. Games begin

Rainbow crosswalk defaced just days after being painted

Photo gallery: BC Games Day 1

A brief look at action from the 2018 BC Summer Games in the Cowichan Valley

UPDATED: Anti-pipeline campers digging in as eviction deadline expires

The City of Burnaby had ordered the Kinder Morgan pipeline protesters out for violating bylaws

Trump was taped talking of paying Playboy model: AP source

Source says former personal lawyer Michael Cohen secretly recorded discussion prior to 2016 election

VIDEO: How to throw a frisbee

Ultimate frisbee player Amy Mackay shows off the proper technique

Most Read