Gangs used Vancouver real estate to launder $5bn

Gangs used Vancouver real estate to launder $5bn
11/05/2019 , by , in INTERNATIONAL

A panel of experts estimated that C$5.3bn ($4bn, £3bn) was laundered through real estate in the province of British Columbia, with most of it funnelling through Vancouver, its largest and most expensive city.

This represents about 5% of real estate transactions, and the panel estimated these purchases – which were often overvalued – had the effect of raising prises overall by 5%.

The panel, commissioned by the British Columbia government, believes the province – especially the city of Vancouver – is a hotbed for money laundering in Canada.

Using economic analysis and modelling, the panel estimated that across all industries, about C$46.7bn was laundered across the country in 2018.

About C$7.4bn was laundered in British Columbia, with real-estate taking up the biggest piece of the pie.

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