‘Snow washing’ has had a major impact on B.C. and housing affordability; federal budget provides $190 million to fight it
It’s long been known as “snow washing” — dirty money circulated through Canada’s seemingly upright economy to emerge as pristine as the white cape blanketing the Rockies.
The Pacific Coast province has been at the centre of a raging controversy after Vancouver-area casinos were found to have allowed millions of dollars in suspicious cash drops for years. An initial investigation commissioned by the government concluded at least $100 million had flowed through casinos that served as “laundromats” for criminal organizations.
Trudeau’s federal budget tabled last week proposed to spend more than $190 million on measures to tackle money laundering and tax evasion. It also proposed legislative amendments to make it easier to identify the beneficiary owners of private companies, often used to hold property anonymously, and to also make it easier to prosecute individuals believed to be handling suspicious funds.
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