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The BC NDP government is taking measures to crack down on money laundering through public and private post secondary institutions.

The sector was identified as one of the most vulnerable targets for money launderers in the province according to former senior RCMP officer, Peter German’s report.

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While German’s second report released on May 9th was largely focused on money laundering in real estate, luxury cars and horse racing, it also identified other vulnerable targets like college/university institutions.

“Unfortunately, even our post-secondary institutions are at risk for money laundering,” said David Eby, Attorney General.

“Peter German has advised that people are paying thousands of dollars in suspicious cash for multiple semesters in advance and then seeking refunds by cheque. Our post-secondary institutions must not be used to launder money, and we are asking them to review their policies to put a stop to it.”

Due to the finding’s of German’s report, public and private post-secondary institutions have been asked to review their financial policies and ensure that no large cash payments can be made by a single student.

BC has 25 post-secondary institutions serving approximately 437,500 students, and 342 private career training institutions and private degree-granting institutions with 71,000 students.

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