B.C.’s money laundering fuelled by offshore and drug money, inquiry hears – The Globe and Mail

Peter German, former deputy commissioner of the RCMP, speaks at a news conference on money laundering in Vancouver in 2018.
DARRYL DYCK/THE CANADIAN PRESS
MIKE HAGER – VANCOUVER

MAY 25, 2020

Some of the billions of dollars that have been spirited out of China and pumped into British Columbia’s economy in recent years have mingled with drug money and bolstered the underground money-laundering sector, one of Canada’s foremost academics told a provincial inquiry Monday.

“… most criminal groups still launder cash, but online video games and cryptocurrencies offer new avenues for these groups to wash their ill-gotten gains.

Massively popular online games have created their own forms of currency that players use to buy in-game products or advance to the next level. These currencies also have real value and can be used to launder the proceeds of criminal activity.”

https://www.theglobeandmail.com/canada/british-columbia/article-bcs-money-laundering-fuelled-by-offshore-and-drug-money-inquiry/

About Kevin Yaworski

I use my blog to write about things I find interesting or that I think are matter of public interest.
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