B.C. post-secondary schools at risk of money laundering: minister
Posted May 28, 2019 2:27 pm.
VICTORIA — Post-secondary institutions in British Columbia have been asked to no longer accept large cash payments from students registering for classes and programs in the province’s ongoing fight against money laundering.
Advanced Education Minister Melanie Mark says public post-secondary institutions and private career training institutions must ensure they are not targets for money laundering.
She has sent letters to almost 370 public and private education institutions telling them large cash payments from students are not accepted.
A recent report on money laundering in B.C.’s real estate sector includes allegations that some students pay large sums of cash to enrol in programs only to withdraw shortly afterwards, requesting refunds by cheque.
The report by former RCMP deputy commissioner Peter German says the cash payments and subsequent refund payments could be one of many tactics used by organized crime to launder illegal cash.
A second report earlier this month by former deputy attorney general Maureen Maloney said money laundering could have amounted to $7 billion in B.C. in 2018.
The Canadian Press
