B.C. independent report uncovers mass money laundering in property market GlobeBC
B.C. Attorney General David Eby talks about the details found in a recent report done by an expert panel about billions in money laundering in the province during a press conference at Legislature in Victoria, on May 9, 2019.B.C.'s Attorney-General David Eby says his constituents have long told him they know properties in their tony westside Vancouver neighbourhood are being bought, left empty, then flipped quickly by people laundering ill-gotten gains.
Another homemaker bought five luxury homes for a total of $21-million between 2014 and 2017, with only one of them mortgaged and believed to include her husband as the guarantor, the report stated. “It makes identifying the true owner incredibly difficult, if not impossible,” Mr. Eby said of this tactic.
The report singled out this activity by citing a 2015 civil-forfeiture case in which a convicted drug dealer lived in a $768,000 Surrey home with his wife. The couple had originally signed a contract with the sellers before substituting the man’s brother-in-law as the purchaser at the last minute, according to the report. The brother-in-law took out two mortgages in the ensuing years; the man and his wife “allegedly covered the mortgage payments by depositing cash into his bank account.
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