In recent months, British Columbia has been identified as a global hub for money laundering. A recent report has estimated that more than $7 billion was laundered in B.C. just last year, with $5 billion of that money being funneled through the region's real estate market. It’s such a problem that the Canadian government announced that it will focus much of its new anti-money laundering resources in British Columbia.
Where is the money coming from? Crime proceeds, China and tax evaders have been identified as the “three rivers of money” flowing into Vancouver’s property market and consumer goods such as luxury cars.
Now, more than ever, it is critical that credit union employees are up-to-date with their anti-money laundering and compliance training to learn how to identify suspicious information such as shell companies and unregulated mortgages, and how to report it.