Money laundering rampant in BC real estate
Steve Randall
REP
Criminal networks could have used British Columbia’s real estate market for more than $1 billion of money laundering.
A secret police report, obtained by Global News, reveals that crime networks are linked to 10% of the 1,200 luxury real estate purchases in the Lower Mainland included in a police study in 2016.
These include a $17 million Shaughnessy mansion owned by a suspected importer of the potent drug Fentanyl.
Of around 120 properties linked to crime, 95% are believed to have Chinese crime network origins.
Global News own analysis says that the crime networks may have laundered more than $5 billion in Vancouver-area homes since 2012.
The extent of the money laundering issue and the findings of the police study are discussed on the Simi Sara Show from 980 CKNW.
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