Better co-operation needed among jurisdiction to close loopholes, expert says
Metro Vancouver properties valued at nearly $10 million remain in the hands of people prosecuted in the U.S. for money laundering, Postmedia has learned.
James Cohen, executive director of Transparency International Canada, a global anticorruption advocacy group, says the fact these properties remain in the hands of those prosecuted highlights that jurisdictions are not sharing enough information and underscores the global nature of money laundering.“It’s these kid of loopholes — that criminals thrive on,” he said.
Two of those homes have been sold under court order, the result of a civil suit in B.C. Supreme Court launched by the Bank of China to recover money. In 2016, Mulholland, a dual U.S.-Canadian citizen, pleaded guilty in the U.S. to money-laundering conspiracy for a pump-and-dump scheme of more than 40 stocks that netted profits of $325 million. As part of the plea deal, Mulholland agreed to forfeit the West Vancouver house and a Whistler property. The Whistler property has been sold and proceeds of about $1.3 million paid into trust in 2016, according to a B.C. Supreme Court suit launched by the U.S.
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