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How gangs used vancouver's real estate market to launder $5bn

Is organised crime to blame? The bustling city on the western coast of Canada was known for its stunning views of the mountains and the Pacific Ocean, its rent and ancient forests and its historic downtown skyscrapers. No wonder its bboy market was white hot, with everyone from nature lovers to business leaders keen to have a Western home vancouver close to Asian markets wanting to get in on the action.

But new reports suggest that Vancouver's real estate was also attractive as vanouver Laundromat for some of the world's most notorious criminals. In short, organised criminals fanned the flames on Vancouver's already smoking-hot real estate market, making the city even more unaffordable for its residents. Boy Vancouver? The panel, commissioned by the British Columbia government, believes the province - especially the city of Vancouver - is a hotbed for money laundering in Canada.

The panel warns that their analysis is likely to skew low.

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In a complementary paperformer RCMP deputy commissioner Peter German hypothesised that Canada in general, and Vancouver in particular, became attractive to international organised crime for a of reasons. Canada is attractive because the country's justice system has made it difficult to catch money laundering, German believes. It has some of the most lax financial reporting rules in the developed world, and few police and prosecutorial resources devoted to white collar crime.

A criminal on trial in Canada will be treated much better than they would in the People's Republic of China, for example. Vancouver is boy attractive because it is a multicultural city with several ethnic communities, which makes doing international business much easier. Canada is taking aim at its overheated housing market Finally, while real-estate prices overall in Women looking sex white bluff tennessee have remained relatively stable, the real-estate market in Vancouver skyrocketed over the past decade.

This led to what German describes as a "gold rush", with many investors scrambling to get into the market, flip properties vancouver make a killing. That meant there was a lot of cash exchanging hands, and a lot of transactions, making it even harder for authorities to spot rent deals and suspicious dealers.

How did they do it?

How did they do it? Catching money-launderers in the act is incredibly difficult, according to a report written by retired lawyer Kevin Comeau and published by a Canadian think tank, the CD Howe Institute.

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