This week, British Columbians learned the price paid by ordinary people for money laundering by organized crime.
Dirty money is not a problem contained to casinos and the luxury car trade. It involves billions of dollars tumbling through the real estate market, inflating prices at a time when residents are struggling with unaffordable housing.
The B.C. NDP government has now released the final instalment of a series of reports on money laundering. The government’s experts have established that large-scale, transnational money laundering by organized crime is taking place throughout the provincial economy − an estimated $5-billion just in the real estate sector last year.
What makes British Columbia – and Canada – a haven for money launderers? Our political class. Our Corporate class, in other words “our betters”.