B.C.’s Real Estate Money Laundering Troubles Not Yet Over

The real estate market of British Columbia (B.C.) has been one of the most unaffordable real estate markets in the world. Even the homes which do not belong to the 'luxury' bracket have been out of reach for most property buyers. 

Global News Canada reported that an investigation in May revealed allegations of money laundering in the area, which pushed prices up from 3.7 percent to 7.5 percent.

Criminal syndicates have been operating in Canada. All nationalities--from Asians to Westerns--have been creating havoc in Canada's economy. Money laundering emerged as one of the biggest problems currently facing the Canadian province of B.C., most especially since the money passing through the property market comes from syndicates laundering illegally-made money.

Criminals can use something called "bare trusts" to launder money into the property market.

They can then stash their money into the property through anonymously-made real estate deals. Sam Cooper, a reporter from Global News, delved deeper into the money laundering scheme, saying that Canada has become a "tax haven and a money laundering haven" for international suspects indicted for corruption, the elite, and criminals wanted in other countries.

While it's a big problem that needs to be solved, it never is easy. According to City News 1130, Vancouver PD chief Adam Palmer is facing the same problem and confessed that it cannot be solved overnight. The police chief added that there are "major hurdles" that needed to be addressed first, such as the use of legislation-free cryptocurrency in moving illegal money.

Palmer said that they are "rounding up" all the resources they can as they wait for results from the inquiry. He said that they currently in the process of collecting data which had a lot to do with money laundering. They are preparing by organizing asset forfeiture teams and organized crime and fraud investigations in the case that they meet with the money laundering problem head-on.

The police chief aired his problem with cryptocurrency, saying that its nature--not covered by any existing government regulations--is a significant problem, aside from police resourcing.

However, he assured the public that the Vancouver PD is working on the problem "nationally" and with the intent to bring forward and suggest legislation that will make their work on tracking down crypto criminals easier.

The government is eager to assist the affected departments in the investigation of Canada's money laundering problem. The necessary funds are given to the departments that need it, such as the Royal Canadian MP. With these funds and assets in their control, the police force may possibly track down the real source of laundered money. 

© 2019 Business Times All rights reserved. Do not reproduce without permission.
Loading...
Sign Up for Newsletters and Alerts