Alberta skeptical over accuracy of money laundering report

A new report states that $47-billion was laundered across Canada last year.

However, that same report is being received with skepticism from multiple provinces, including Alberta.

According to the panel behind the report, Alberta led the country for money laundering in 2015 with $10.2 billion, followed by Ontario with $8.2 billion and the Prairies — Saskatchewan and Manitoba combined — with $6.5 billion.

Those numbers came as a surprise to many, especially with B.C. placing fourth following recent headlines declaring the West Coast as the money laundering “capital” of Canada.

High estimates in Alberta and the Prairies might arise from the importance the model places on crime rates and GDP levels, which were high prior to the oil downturn.

“If money laundering in Alberta and the Prairies have been overestimated … that implies that money laundering in B.C., Ontario and Quebec have likely been underestimated,” the report said.

B.C. is set to hold a public inquiry into its money laundering concerns, with authorities believing over $7-billion in dirty money was laundered last year alone.

A recent study revealed that the billions of dollars in laundered within B.C. increased the cost of buying a home by about 5%.

Prime Minister Justin Trudeau described the reports as “alarming” and said his government has strengthened audits on real-estate transactions.

With files from the Canadian Press.