issues and experts
SFU experts on B.C. government’s decision to hold money laundering inquiry
Shradhha Sharma, University Communications and Marketing, 778.782.3035, email@example.com
The B.C. government announced today a public inquiry into money laundering that has impacted economy, fueled the overdose crisis and driven up housing prices. The decision comes on the heels of three independent reviews, which concluded that astronomical amounts of money were funneled into the province’s real estate market and other sectors. The inquiry’s scope will include the real estate, gaming, financial institutions, corporate and professional sectors.
The Expert Panel on Money Laundering in Real Estate estimates that more than $7 billion in dirty money was laundered in B.C. in 2018, driving up the cost of buying a home by about five per cent. It added that this figure could be significantly higher—upwards of 20 per cent—in areas like Metro Vancouver where money laundering activity is said to be more prolific.
The following SFU experts are available to comment on today’s announcement:
Andrey Pavlov, Beedie School of Business, 604.763.3696; firstname.lastname@example.org
“Money laundering is an issue that needs to be addressed. But at a five per cent estimated housing market impact, money laundering cannot explain our housing affordability troubles. Time to stop focusing on demand-side factors and address the main cause for our affordability issues -- regulation and red tape that limit the much-needed new housing supply.”
Andy Yan, The City Program, 778.782.5081; email@example.com
Josh Gordon, School of Public Policy, 604.779.2474; Joshua_gordon@sfu.ca
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