Large cash purchases, ‘lifestyle audits’ to fight money laundering gain support in B.C.

Angus Reid Institute found that a majority of Canadians support anti-money laundering initiatives

It appears that Canadians in every region of the country believe money laundering is a major problem in their province, according to a new survey, but many are indecisive on just how much action should be taken.

Sixty per cent of the 1,500 polled in an Angus Reid Institute survey, released Tuesday, said they support a nationwide ban on cash purchases over $10,000. Among B.C. respondents, 75 per cent supported the initiative.

Fifty-five per cent said they support lifestyle audits, where governments investigate individuals who “seem to be living far beyond their means: based on their income level and purchases. In B.C., that support increases to 62 per cent.

ALSO READ: RCMP says its stretched thin on B.C. money laundering

Revelations that an RCMP official charged with breaching a Canadian official secrets law was overseeing a Russian money-laundering probe are refocusing national attention on Canada’s role in international money laundering networks.

In B.C., an expert panel estimated in May that the amount of money laundered through the Canadian economy may approach $50 billion, with some experts suggesting that number is conservative.

Since the inquiry some recommendations have been put into action, including universities banning tuition payed fully in cash. The City of Vancouver also no longer accepts any types of cash payments above $10,000.

READ MORE: B.C. estimates $7 billion laundered in 2018, $5 billion in real estate

More than 70 per cent of residents outside of B.C. say their own province should also complete an inquiry of its own.

The federal election campaign has not yet put a focus on anti-money laundering initiatives, but the survey shows a considerable appetite for whichever party is elected in October to pursue the matter more.

The 2019 federal budget proposed several anti-money laundering initiatives, with investments of approximately $200 million over five years as well as additional funding. However, nearly half of those surveyed said they’re dissatisfied with federal government efforts.

One initiative, to get rid of the $50 and $100 bill, remains firmed opposed, despite some experts suggesting that discontinuing large bills would hamper money laundering operations. In B.C., 15 per cent of respondents said the $100 bill should be discontinued, while four per cent supported nixing the $50 bill.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Rapping mom busts rhymes for Castlegar rec centre kid’s drop-in

Funny video with important message about importance of service

New system to keep Nakusp-area snowmobilers, caribou from meeting

GPS tracking keeps caribou safe while opening up the backcountry for sledding

Kootenay Lake ferry labour dispute ends with ratified agreement

The deal was approved by 83 per cent of members

November in West Kootenay saw only third of normal precipitation

Stalled weather system lingered over region

Police watchdog exonerates RCMP in Bonnington death

Officer’s shots were justified, report says

VIDEO: Boys help rescue Cariboo bear cub

The cub, weighing just 24lbs, has been taken to wildlife sanctuary in Northwest B.C. for the winter

‘Things haven’t changed enough:’ Ecole Polytechnique anniversary prompts reflection

Fourteen women were fatally shot by a gunman at the Montreal school on Dec. 6, 1989

Bear raids freezer, gorges on Island family’s Christmas baking

Hungry bruin virtually ignored meat and fish, focused, instead, on the sweets

B.C. pharmaceutical company’s stocks double in value after successful lupus drug trial

More than 40 per cent of patients using voclosporin saw improvements in kidney function

Second warning on romaine lettuce from California region as another E. coli case reported

Two cases of E. coli have been reported in relation to the illness in the U.S.

WorkSafeBC investigating serious incident at Kootenay Boundary landfill

Medical incident shut down the McKelvey Creek landfill Friday morning

Residents in B.C. city could face 133% tax hike in ‘worst case’ lawsuit outcome: report

An average home could see a tax increase of $2,164 in one year

B.C. Transit finds 28 used fareboxes online, saves $300,000

‘Someone joked maybe we can buy used fareboxes on eBay,’ CEO says

Many of Canada’s working poor can’t afford lawyers, don’t qualify for legal aid

One lawyer says many people earn too much to qualify for legal aid, but not enough to really live on

Most Read