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$5 billion laundered through B.C. real estate in 2018, driving up home prices

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OoOPps

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I knew there was was some funny business going on but never realized it was that high.

https://www.ctvnews.ca/canada/5-bil...tate-in-2018-driving-up-home-prices-1.4415765


VICTORIA -- A report that estimates $5 billion was laundered through British Columbia's real estate market last year also lifts the lid on the extent of illegal cash moving across Canada.

Some $7.4 billion overall was laundered in B.C. in 2018, out of an estimated total of $47 billion in Canada, concluded the report by an expert panel led by former B.C. deputy attorney general Maureen Maloney.

The report is one of two released Thursday and says B.C. ranks fourth for money laundering among a division of six regions in Canada, behind Alberta, Ontario and the Prairies -- collectively Saskatchewan and Manitoba.
 
Rolex;n1469573 said:
How can they figure that out?.
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Was wondering the same thing, and no mention of crypto currency, which I find rather narrow minded.

Or simply the gov. hasn't the guts to even mention crypto currency, which most likely the case.
 
ROBERTSON;n1469590 said:
Or simply the gov. hasn't the guts to even mention crypto currency, which most likely the case.
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That is one scary thought.
 
cristy;n1469628 said:
Easy as pie....https://calgaryherald.com/news/crime...er-their-money
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A good read, but I still didn't see any concrete evidence on how the government knows what amount of cash that was used transactions, was dirty money.

I completely agree that this is going on, thats obvious, but unless the government brings in a law that makes it illegal use more than X amount of cash in a transaction, not much can be done.

And I still think the real problem, is governments still allow cryto currencies, that is well known to be used now to launder money.
 
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The last sentence seems funny to me. Can you seriously give an anti-money laundering education to criminals? The state needs to have better tools to stop this. Pay more attention to what is happening, come with strong, concrete evidence. This is an interesting article to read, but the last sentence has me laughing. I have a friend that works in real estate at Playa del Carmen Real Estate Beachfront Condos, Homes & Hotels for Sale, and he has a lot of knowledge about what's really happening in this world. He just had these words to say: real estate is heaven to money launderers, and the government can't do much to stop them.
 
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urongamon said:
The last sentence seems funny to me. Can you seriously give an anti-money laundering education to criminals?
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Were did I state anything like that ?
DELETE, thought you were referring to my post.
 
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The government and will never be able to know exactly how much money passes them by. These schemes have been developed and perfected over the years, and real estate is the most convenient tool. Real estate today is a vast field, with hundreds of services and activities concentrated in it. Today real estate is not just a house or an apartment, and today it is a whole art that hundreds of people can work on it. For example, the experts at boutiquehomeplans.com can create a home plan based entirely on your preferences. Real estate is a vast system, so it is no wonder that money is laundered through it.
 
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urongamon said:
The government and will never be able to know exactly how much money passes them by.
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Especially when they don't have the guts to tackle the "bit coin" issue.
Or maybe, just to stupid to understand the ramifications of allowing ungoverned "currency" to be used in this country.
 
It is very strange, of course, that there is information from somewhere that a lot of money has been laundered, and the state or the anti-corruption department cannot prevent this. They seem to be engaged in money laundering, those above us, so don't be surprised, guys. It has always been and will be. When I worked for a company that works with Landscape Design, we constantly had orders from all sorts of rich people who, in general, made a lot of money. Their houses were so chic and big that I can't find the words to describe it. So, that's the thing...
 
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I have never understood why there are no people in the government who would control such a money laundering process. People would not be able to launder such a large amount of money. It's all very simple. Maybe all people in the government are bad and want to launder money for themselves as much as possible -- if this is true, everything I said is impossible... In general, it's easy to make money if you have capital, especially if you invest in real estate affiliate marketing (read lumina.com.ph, for instance).
 
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