B.C. independent report uncovers mass money laundering in property market

B.C. Attorney General David Eby talks about the details found in a recent report done by an expert panel about billions in money laundering in the province during a press conference at Legislature in Victoria, on May 9, 2019.B.C.'s Attorney-General David Eby says his constituents have long told him they know properties in their tony westside Vancouver neighbourhood are being bought, left empty, then flipped quickly by people laundering ill-gotten gains.

Another homemaker bought five luxury homes for a total of $21-million between 2014 and 2017, with only one of them mortgaged and believed to include her husband as the guarantor, the report stated. “It makes identifying the true owner incredibly difficult, if not impossible,” Mr. Eby said of this tactic.

The report singled out this activity by citing a 2015 civil-forfeiture case in which a convicted drug dealer lived in a $768,000 Surrey home with his wife. The couple had originally signed a contract with the sellers before substituting the man’s brother-in-law as the purchaser at the last minute, according to the report. The brother-in-law took out two mortgages in the ensuing years; the man and his wife “allegedly covered the mortgage payments by depositing cash into his bank account.

Patrici07994754 GlobeBC BC Liberals did nothing to stop it.

GlobeBC people in BC have known this for a very long time ... as politicians looked the other way ... especially Christie Clarke

GlobeBC What is the government going to do about it? Nothing?

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German Report reveals extensive money-laundering in B.C.'s luxury car marketThe analysis is part of a wider review that also outlines how dirty cash is washed through B.C.'s real estate sector GlobeBC BC Liberals allowed this to happen. GlobeBC Classic, relying on a German report to expose the money laundering issue. It's time Canadian officials roll up their sleeves and tackle the issue head on.
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Vaughn Palmer: Report reveals 'thick of money-laundering' in B.C. luxury car marketVICTORIA — When money-laundering expert Peter German turned his attention to the luxury car market late last year, he was not long in assembling the telling anecdotes that made his earlier fi… It's out of control... but we already knew that didnt we? charlesadler But what about the friggin whales
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Western Canada: Second report on B.C. money laundering focuses on luxury car marketSpike in exports of luxury cars corresponds with the growth of suspicious cash transactions at casinos and also with the explosion of the real estate market, Attorney General David Eby said
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Money laundering in B.C.’s real estate market inflated home prices, government reports sayMoney laundering in B.C.’s real estate market inflated home prices, government reports say GlobeBC GlobeBC Well I'll be damned! You don't say! Thanks Captain Obvious! 😄 GlobeBC Ya, no shit. A little late on that one GlobeBC
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