Money laundering review to tackle Vancouver real estate next

Money laundering review to tackle Vancouver real estate next

(Kenny Mason, NEWS 1130 Photo) VANCOUVER (NEWS 1130) – Soon after putting casinos under tMoney laundering review to tackle Vancouver real estate next

David Eby says it’s part of an ongoing push to kill Vancouver’s reputation as a haven for money laundering.

“The fact that we don’t know who owns almost half of the most valuable properties in Vancouver, and we don’t know where the money came from, is really disturbing.”

VANCOUVER (NEWS 1130) – Soon after putting casinos under the microscope to expose evidence of criminal behaviour, BC’s Attorney General is ready to do the same thing with high-priced housing.

“With alleged proceeds of crime, we’ve got some work to do and that’s why I’m asking Peter German to do a second phase of his review and we’ve not yet set out the terms of reference yet, but we’re very aware this issue needs to be addressed.”

Eby admits he’s concerned about criminals using vancouver real estate purchases to hide dirty money. This is true from Vancouver resorts like trump tower as well.

The report German was hired to write in September on possible money laundering at local casinos is due Saturday, March 31st, but Eby’s already reporting a significant drop in suspicious cash transactions.

“Our February total was $200,000. The July, 2015 total for suspicious cash transactions was $20-million, so we’ve reduced it by a factor of 100, but I don’t believe that solves the problem. I believe that money is moved elsewhere.”

Members of the House of Commons finance committee are currently updating the Proceeds of Crime and Terrorist Financing Act.

he microscope to expose evidence of criminal behaviour, BC’s Attorney General is ready to do the same thing with high-priced housing. David Eby says it’s part of an ongoing push to kill Vancouver’s reputation as […]

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