If there is one thing that financial crime analysts agree upon, it is that one province in Canada has become one huge playground for international money laundering. From Chinese organized crime syndicates using British Columbia casinos to dodgy expats buying up pricey local real estate, money from abroad, as well as drug profits of local origin, finds a home in BC Canada. Now we know one of the reasons why; There's nobody in the field working cases.
Peter German QC PhD, a prominent former executive in the Royal Canadian Mounted Police, in a report made public recently, disclosed that, in the RCMP E Division money laundering team, of the 25 ostensibly funded positions, only 11 are filled, and only five of those are actually working as investigators; the other 6 are shown as away on training or absent for other reasons.
Now here's where it get really interesting; all those 5 are referring their money laundering cases to the British Columbia Civil Forfeiture office, according to Dr. German. They are not pursuing ANY criminal money laundering prosecutions. No wonder BC is overrun with laundrymen and their
clients.
To quote the report, "In the course of this review, we learned that there are currently no Federal (RCMP) resources in BC dedicated to criminal money laundering investigations.This is particularly alarming when one considers that the issue of money laundering has been front page news in BC for almost two years." Chapter 6-4, Criminal Investigation, P.2, An Independent Review of Money Laundering in B.C.
The blame appears to be, in part, because of a $500m budget cut imposed upon the RCMP, causing a manpower shortage, and the lack of experienced financial crime investigators. We sincerely hope that Canada will quickly remedy these shortcomings, to interdict the rampant money laundering operations that are infecting British Columbia. Wake up, Canada.
Peter German QC PhD, a prominent former executive in the Royal Canadian Mounted Police, in a report made public recently, disclosed that, in the RCMP E Division money laundering team, of the 25 ostensibly funded positions, only 11 are filled, and only five of those are actually working as investigators; the other 6 are shown as away on training or absent for other reasons.
Now here's where it get really interesting; all those 5 are referring their money laundering cases to the British Columbia Civil Forfeiture office, according to Dr. German. They are not pursuing ANY criminal money laundering prosecutions. No wonder BC is overrun with laundrymen and their
clients.
To quote the report, "In the course of this review, we learned that there are currently no Federal (RCMP) resources in BC dedicated to criminal money laundering investigations.This is particularly alarming when one considers that the issue of money laundering has been front page news in BC for almost two years." Chapter 6-4, Criminal Investigation, P.2, An Independent Review of Money Laundering in B.C.
The blame appears to be, in part, because of a $500m budget cut imposed upon the RCMP, causing a manpower shortage, and the lack of experienced financial crime investigators. We sincerely hope that Canada will quickly remedy these shortcomings, to interdict the rampant money laundering operations that are infecting British Columbia. Wake up, Canada.
Contributed by Kenneth Rijock - Financial Crime Consultant
Chronicles of Monte Friesner - Financial Crime Anmalyst
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