New B.C. law to target source of luxury wealth in money laundering crackdown
British Columbia plans to introduce a new law that will allow authorities to seize houses and luxury cars if the owners cannot explain the source of the money to pay for them.
New Premier David Eby announced on the weekend legislation will be introduced this spring to create unexplained wealth orders, which are meant to target the proceeds of crime.
Such measures have been in place in a few jurisdictions such as the United Kingdom since 2017.
The unexplained wealth order is a tool recommended by B.C.’s Cullen Commission on money laundering that delivered its findings this summer and a 2019 B.C.-government commissioned report on money laundering in real estate.