Gangs used Vancouver real estate to launder $5bn
A panel of experts estimated that C$5.3bn ($4bn, £3bn) was laundered through real estate in the province of British Columbia, with most of it funnelling through Vancouver, its largest and most expensive city. This represents about 5% of real estate transactions, and the panel estimated these purchases - which were often overvalued - had the effect of raising prises overall by 5%. The panel, commissioned by the British Columbia government, believes the province - especially the city of Vancouver - is a hotbed for money laundering in Canada. Using economic analysis and modelling, the panel estimated that across all industries, about C$46.7bn was laundered across the country in 2018. About C$7.4bn was laundered in British Columbia, with real-estate taking up the biggest piece of the pie.
Tags : INTERNATIONAL