VICTORIA — The British Columbia government will hold a public inquiry into money laundering.
Premier John Horgan says money laundering has had numerous impacts on people in the province including a rise in opioid deaths and higher housing costs.
The government released two reports last week estimating $7.4 billion in illegal cash was laundered in the province in 2018.
One of the reports said $5 billion of that was siphoned into real estate, forcing the costs of homes up by at least five per cent.
Attorney General David Eby says the problem of money laundering is bigger and more entrenched than the government thought.
B.C. Supreme Court Justice Austin Cullen has agreed to lead the inquiry.
The Canadian Press