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Federal NDP announces plan for specialized RCMP unit to tackle money laundering in B.C.

Last Updated Sep 25, 2019 at 11:28 am PDT

NDP Leader Jagmeet Singh says his party would launch and inquiry into money laundering in B.C., and a specialized RCMP unit, if they are elected in October. (Source: Martin MacMahon/NEWS 1130)
Summary

An NDP government would also create a national beneficial landowner registry, so it's clear who exactly owns a property

Leader Jagmeet Singh says his party would launch an inquiry into money laundering in B.C.

VANCOUVER (NEWS 1130) – The federal NDP says the party has a plan to tackle money laundering in British Columbia and elsewhere in Canada, if they’re elected in October.

Leader Jagmeet Singh made the announcement in Vancouver on Wednesday, saying he wants to create an RCMP unit to deal with it.

Given money laundering has been identified as a factor in rising home prices in B.C., the plan ties into Singh’s housing affordability plan, a key part of his platform. He says the specialized RCMP unit he is proposing would cost $20 million a year, half of that specifically designated for B.C.

“Money laundering is a crucial issue here in B.C.,” he says. “It is driving up the cost of housing. People say at least five per cent of the increase in property prices has been attributed to money laundering – it could be a lot more. We need to take it very seriously.”

Singh says if elected, the NDP would also launch an inquiry into what exactly is happening in B.C., but he’s not sure how much that would cost.

“We haven’t launched a cost on the inquiry. We know it’s important to do,” he says. “We need to get to the bottom of why there hasn’t been investigations to this point. We’re also committing real dollars to tackling money laundering.”

Singh is also promising an NDP government would create a national beneficial landowner registry, so it’s clear who exactly owns a property.