Friday, September 16, 2016

Who Might Be Helping To Fold All That The Vancouver Real Estate Laundry?


Following up on the discussion we had yesterday about who might benefit from any and all laundering 'round here, Sam Cooper of Postmedia has been good enough to delve into this a little more in his latest piece:

...In a new report, the Financial Action Task Force, a Paris-based intergovernmental group that makes recommendations for fighting money laundering, said Canada has improved standards since the agency’s last evaluation in 2007. But “law enforcement results are not commensurate with the money laundering risk, and asset recovery is low."...


...A major theme of the agency’s report is that compared to other countries, Canada is at significant risk for money laundering because in 2015 Canadian lawyers won a Supreme Court case exempting them from financial reporting rules that professionals such as bankers and realtors must follow. The constitutional challenge was launched by lawyers in B.C., using client confidentiality arguments.

The agency report suggests that money laundering in real estate and services provided by lawyers, such as creating investment vehicles that can shield true ownership of property, go hand-in-hand...


Say it ain't so Sam.

Say it ain't so.



mark mounce said...

Not to be outdone, Scotiabank, and other banks are now offering mortgages to non-residents who, unlike residents, are not required to verify their income. BMO should now stand for Bank for Money launderers Only. Sheesh

e.a.f. said...

Banks have to make money some how. its not like the are making enough yet.

Wonder who thought up the lawyer's lawsuit? Like who started that little thing? Was it a lawyer or group of lawyers who are in that type of real estate business. You have to wonder why laws were created to deal with all of this? Oh, right, I forgot the supporters of politicians might not have thought rules would benefit them..... ah well, welcome to money laundering 101. gee even the State of Florida went after some of those banks back in the day when the coke kings were laundering their money via the banks.

Anonymous said...

Laws? Only work if they are enforced. Politicians only enforcing laws that work, "for them and their cronies".
Whose folding the the laundry? Where does one start? Banks, governments, shady real estate operators, foreign real estate investors...the list goes on and on.

This is the new "governance", taxpayers become irrelevant, organized "crime" the new economy. How long before the taxpaying public is "milked dry".

Controls in governance? Really? Could've fooled me. What and where are they? How can the people of this province reassert democratic values and indeed integrity and accountability, back into this corrupt system?

Its time serious action was taken in this province, jail cells are waiting for the fools who think they can manipulate a society and get away with it.

RossK said...

MM, eaf & Anon-Above--

That sure is a wide circle of folks in the 'know', eh?

Interesting how none (and I mean NONE) of them spoke up as all of this was being denied by all others and sundry, including the Clarklandians.


cfvua said...

Remember way back when, as you have mentioned here before, the suggestion that organized crime with a specific country of origin was operating freely within BC and indeed inside The government of Highest Commissioner Campbell? Probably a good time for a link to that.