Morning update: Investigations by the Federal Anti-Money Laundering Agency determine an outage

Good morning,

A three-year public inquiry in British Columbia provided a comprehensive reprimand of Ottawa’s anti-money laundering regime and found that billions of dollars in criminal funds flowed annually through casinos, real estate and luxury goods without effective federal law enforcement.

The Cullen Commission’s final report, released Wednesday, called on the provincial government to create a dedicated intelligence and investigative police unit to tackle large-scale money laundering, with an independent lawmaker official to oversee.

“The RCMP’s lack of attention to money laundering has enabled the uncontrolled growth of money laundering since at least 2012,” said the 1,800-page report by former BC Supreme Court Justice Austin Cullen. The commission found that there were no sustained efforts to investigate money laundering activities, with only a handful of major money laundering investigations progressing to indictment approval.

The report found that BC’s real estate sector is highly vulnerable to money laundering and that real estate agents are frustrated by the lack of guidance on how to comply with federal anti-money laundering obligations.JENNIFER GAUTHIER/Reuters

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The US Federal Reserve raises interest rates by the largest amount since 1994

The US Federal Reserve has announced its biggest interest rate hike since 1994 and said it plans to continue raising borrowing costs in a bid to curb the highest inflation in four decades.

Officials on Wednesday announced a 0.75 percentage point hike, raising the overnight reference rate to between 1.5 percent and 1.75 percent.

The move marks an abrupt move at the world’s largest central bank and indicates central bankers’ willingness to put pressure on the US economy to prevent prices spiraling further out of control.

Toronto police data shows officers use more violence against black residents than any other racialized group

Toronto Police Department data shows officers routinely use more force and point their firearms at black residents than any other racial group in the city, prompting the interim chief of Canada’s largest police force to pledge to end systemic racism in his force to reduce.

The findings are part of a report of 2020 data collected by the Toronto Police Service (TPS) on the use of force and strip searches, broken down by race for the first time. Blacks accounted for nearly 40 percent of incidents in which police used violence against civilians, despite representing only about 10 percent of Toronto’s population.

The Toronto Police Department has long been criticized for its handling of racist communities in the city, and there have been calls for the service’s budget to be cut and some tasks to be delegated to other organizations. The service’s harshest critics say this new data shows systemic racism persists despite years of reform efforts.

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Also on our radar

Five things health experts say we must do to end the pandemic: It may be tempting to take the pandemic back in time after governments eased public health restrictions, but the fight against COVID-19 is not over, says Dr. Gerald Evans, Ontario COVID-19 Science Advisory Table member. Here he and other health experts share the top five issues that need to be addressed now.

Canadian Home Sales, Prices Fall in May for Second Straight Month: Canadian home prices and sales fell for the second straight month in May as a sharp rise in the cost of borrowing rocked the market and made it harder for homebuyers to obtain a mortgage. The Canadian Real Estate Association said it predicted the real estate market would eventually slow when interest rates started to rise, but it didn’t expect interest rates and mortgage costs to rise as quickly.

Watchdog has been inundated with complaints about access to information: The Federal Information Watchdog last year filed a record number of complaints about the way government institutions have handled requests for documents, despite years of promises by Prime Minister Justin Trudeau to reform the system.

People are increasingly mistrusting the media, the report finds: A study of public perceptions of the news industry found that more people are avoiding the news and fewer Canadians trust the media. The Reuters Institute for the Study of Journalism report found that just 42 percent of Canadians surveyed trusted the news, compared to 58 percent in 2018.

Xi tells Putin that all sides should work to resolve Ukraine crisis: Chinese President Xi Jinping told Russian leader Vladimir Putin on Wednesday that all sides should work “in a responsible manner” to resolve the crisis in Ukraine. However, despite intense international pressure, Beijing refuses to condemn Moscow’s invasion of Ukraine and has repeatedly called for a negotiated solution.

morning markets

World stocks fall: Global stocks fell on Thursday and the US dollar regained ground on concerns about the impact of rising inflation and aggressive prospects from global central banks to tighten monetary policy. At around 5:30 a.m. ET, the UK FTSE 100 was down 1.96 percent. The German DAX and the French CAC 40 lost 2.59 percent and 2.17 percent, respectively. In Asia, the Japanese Nikkei rose 0.40 percent. Hong Kong’s Hang Seng fell 2.17 percent. New York futures were down. The Canadian dollar traded at 77.27 US cents.

What everyone is talking about

Campbell Clark: “What we need to know is whether nothing really could have been done other than imposing the Emergencies Act. And instead of providing details of what was under consideration, or notes from briefings, or even a minister telling us in detail how they came to the conclusion that there was no other option, we heard vague assurances.”

Today’s editorial cartoon

Brian Gable/The Globe and Mail

Live better

Go glamping and never fight with tent poles or sleep on hard ground again

It’s a relaxing getaway in the great outdoors, without the physics-defying feat of pitching a tent, the swarms of biting bugs, or the back-breaking sleep on the cold, hard ground. Glamping is Instagram-worthy, glamorous version of camping, with the fine linens and touches of a luxury hotel in the tranquil setting of a secluded campground.

Date: June 16, 1978

John Travolta and Olivia Newton-John in Grease.Paramount Pictures/Courtesy of Everett Collection/CP

Grease, the movie, is released

Smeared lightning, summer nights and a car race on Thunder Road. The teenage romance between a T-Bird and a Pink Lady was set in 1958 but graced the big screen in 1978. Fat, the motion picture musical, was an adaptation of the 1971 Chicago stage production of the same name. The musical was quickly picked up by New York producers and premiered on Broadway in June 1972. The original musical was raunchy, and later productions toned down the story, particularly for the film adaptation, starring John Travolta as Danny Zuko and Olivia Newton-John as Sandy Olson. The film finished second at the box office during its opening weekend. However, Fat would be No. 1 the next week, and at 66 days it became one of the highest-grossing films for Paramount Pictures, only to be surpassed The Godfather. The film’s soundtrack also became a best-selling album in 1978 and earned an Oscar nomination for the song hopelessly devoted to you The songs and characters Fat 44 years after its release, they continue to inspire new work and a variety of 50’s inspired Halloween costumes. Emily McPhail

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