Long-awaited report on money laundering in B.C. to be released today

The final report from B.C.’s public inquiry on money laundering is set to be released Wednesday morning.

The document from former B.C. Supreme Court Justice Austin Cullen, which runs more than 1,800 pages, is the culmination of a process that began three years ago.

The formation of the Commission of Inquiry into Money Laundering in British Columbia was announced in May 2019.

Cullen was appointed to lead the inquiry following reports that billions of dollars linked to organized crime and the drug trade had made their way into B.C.’s gaming sector and the real estate and luxury vehicle markets.

Nearly 200 witnesses testified, including former premier Christy Clark, current and former cabinet ministers, government and gaming industry officials, law enforcement officers and academics.

Two former senior gaming officials said they raised concerns more than a decade ago with gaming and government officials, including cabinet ministers, about increasing amounts of suspicious cash appearing at Vancouver-area casinos.

The inquiry heard that in one month in 2015, casinos in B.C. recorded $20 million in cash buy-ins, most of it in $20 bills.

LISTEN | Former CBC investigative journalist Eric Rankin speaks to the significance of B.C.’s money laundering report:

The commission’s mandate is to make findings of fact, determine the growth and methods of money laundering and determine if regulatory agencies or individuals contributed to the problem or amounted to corruption in the province.

Cullen has promised his report will include “recommendations that are focused on making positive changes in many areas.”

The full report was submitted to the B.C. government on June 3. The report and its recommendations will be made public at 11:30 a.m. PT on June 15.

In 2008, CBC journalists took $24,000 in cash to B.C. casinos to see just how easy money laundering would be. Turns out it wasn’t hard at all: