Commission of Inquiry into Money Laundering in B.C examined one instance in which a low-income man and his family bought $32 million worth of housing in Vancouver after transferring $114 million from largely obscure offshore accounts
A citizen of the People’s Republic of China reported average annual earnings of $40,615 to Canadian border agents yet went on to buy $32 million worth of Vancouver real estate after moving $114 million from Hong Kong-based depositors with connections to organized crime and the Chinese Communist Party, a case study by counsel for the Commission of Inquiry into Money Laundering in B.C. shows.
The study is one of over 1,000 commission exhibits, and it hits on a number of vital aspects of money laundering heard during the course of the 18-month inquiry, such as nominee purchases, obscure corporate structures, fraud, layering and placement of assets (particularly real estate) and links to organized crime and corruption.
The study is one of over 1,000 commission exhibits, and it hits on a number of vital aspects of money laundering heard during the course of the 18-month inquiry, such as nominee purchases, obscure corporate structures, fraud, layering and placement of assets (particularly real estate) and links to organized crime and corruption.