The failure of a massive, multi-year money laundering investigation to yield charges is a "shocking" example of the shortfalls of federal financial crime law, British Columbia Premier David Eby said Thursday.

Eby called for tougher laws a day after B.C.'s prosecution service announced no charges will be laid in the E-Nationalize investigation into millions of dollars that moved through B.C. casinos and Chinese bank accounts.

"Obviously, there's a serious problem with federal criminal law that allows this conduct to continue in our province," he said.

Special prosecutor Chris Considine issued what is known as a "clear statement" Wednesday in which he advised against charges in the E-Nationalize investigation and suggested federal law amendments to better support financial crime cases.

The investigation concluded in 2021 with police proposing eight charges against Paul King Jin of Richmond, B.C.

Considine, a senior Victoria lawyer, was appointed last March to conduct a second review of the case, after an earlier decision by the prosecution service that charge assessment standards had not been met and no charges would be approved.

He suggested the federal government amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to explicitly criminalize the operation of unlicensed money service businesses that were used in B.C. to accept, deliver and transfer funds locally and overseas.