Trudeau says B.C. money laundering report is ‘extremely alarming’
EDMONTON — Prime Minister Justin Trudeau says a report out of British Columbia on the extent that criminals are laundering their dirty money in Canada is alarming and shows that everyday Canadians are being hurt in the process.
The report, done by a panel commissioned by the B.C. government, estimates $5 billion was laundered through the province’s real-estate market last year out of $47 billion in Canada as a whole. It estimates that illegal cash increased the cost of buying a home in B.C. by five per cent.
“The report that came out of B.C. is extremely alarming, absolutely unacceptable,” Trudeau said Friday in Edmonton.
He said the report shows money laundering is hurting everyday people by disrupting the housing market.