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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Williams Lake RCMP investigating break and enter in Miocene

A large amount of items were stolen from a family home

Wheels in motion for mountain biking trail project near Clinton

Project to provide immediate employment while resulting in new trail on Jesmond Mountain

Williams Lake RCMP investigating break-in, crash, stolen vehicle

A single vehicle crash that knocked out hydro overnight being investigated as impaired driving

Forest Ink: Private land improvement ideas shared

Columnist Jim Hilton visits a Rose Lake property to see forest work being done by the owner

What is a rancher doing writing about pigs in the middle of haying?

Like local beef purchased from trustworthy sources, the same can be said about sourcing pork.

Canada to match donations to Lebanon relief

Canada is directing all of its aid for this crisis directly to humanitarian organizations, not the Lebanese government

$45K in donations received after couple’s sudden death in Tulameen

Sarah MacDermid, 31, and Casey Bussiere, 37, died August long weekend

Famous Yukon-based bhangra dancer brings movements of joy to Long Beach

Infamous dancer is exploring Vancouver Island, visiting the B.C. Legislature and other destinations

Battle of Fairy Creek: blockade launched to save Vancouver Island old-growth

‘Forest Defenders’ occupy road to prevent logging company from reaching Port Renfrew-area watershed

COVID-19 could mean curtains for film and TV extras

Background performers worry they’re being replaced by mannequins on film and TV sets

Laid-off B.C. hotel workers begin hunger strike demanding job protection

Laid-off workers not sure what they’ll do when government support programs end

‘Huckleberry’ the bear killed after B.C. residents admit to leaving garbage out for videos

North Shore Black Bear Society said it was local residents who created a ‘death sentence’ for bear

Researchers find cannabis use in pregnancy linked to greater risk of autism

Researchers caution findings only show association — not cause and effect

Small Manitoba town mourning after well-liked teens killed by tornado

Melita residents feeling profound grief after the deaths of Shayna Barnesky and Carter Tilbury

Most Read