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Trudeau weighs in on money laundering in B.C. housing market

Last Updated Mar 25, 2019 at 2:44 pm PDT

Trudeau speaks to a couple in Maple Ridge on March 25, 2019. (Source: Twitter/@JustinTrudeau)
Summary

The Prime Minister said money laundering is a troubling issue in British Columbia

He stopped short of promising to take concrete action

MAPLE RIDGE (NEWS 1130) – At a press conference in Maple Ridge on Monday, Prime Minister Justin Trudeau addressed growing concerns about money laundering in British Columbia.

The event, at which he discussed the housing commitments included in the Liberal government’s new budget, prompted questions for the Prime Minister about housing affordability’s relationship to money laundering in the province.

“The concern that we have around the housing crisis and housing affordability right across the country has a lot of different elements and angles to it,” he said.

The Prime Minister said money laundering, disturbing the housing market in Vancouver, is a troubling issue but stopped short of promising to take concrete action.

“But we do recognize that there is a factor around money laundering and real estate tax evasion that is becoming a significant challenge,” he acknowledged.

Trudeau said the issue is multi-faceted and will take time to tackle with help from all levels of government.

“We also have to be very mindful that there are always dangers of unintended consequences, so any steps we take need to be done very carefully.”