How B.C. casinos are used to launder millions in drug cash
 

This is a very well written article, and highlights what probably alot of us already knew but couldn't confirm. Glad to see the proper official authorities are doing something about this.

Exclusive: How B.C. casinos are used to launder millions in drug cash | Vancouver Sun

inb4 NDP realizes its a win win situation for all

-good insight from this article.

Part of the boom in Lower Mainland real estate prices is from Chinese organized crime syndicates laundering their dirty money here.


-always knew in the back of my mind that this stuff has been happening here for a long time.

100% confirmed by the RCMP.

BC = Bring Cash, including drug money. EleGiggle

Interesting story but I hate the way that article was written

Jokes on you, its corruption moneh :badpokerface:

It's more than just money from Chinese government officials taking bribes from business people.

I'm sure that Chinese triads are making it rain from their drug dealing and other illicit activity.

It's not just international students here who have the money to buy exotic cars and live in multi million dollar homes. :troll:

Yeah, no doubt. I work near Coal Harbour and an entire apartment complex is god damn empty nearly all times of the year and these aren't $500K single bedroom + den. these are like $1.6 million units. You can bet your ass that these are just placed there to hold dirty money.

I never once had a doubt that casinos launder money like its no one's business.

If anyone's ever taken those mandatory anti-money laundering training at work, you realize how much of a joke FINTRAC is and how behind the times it is.

Dont know if its mentioned in that article but on the radio theyve been saying that in July alone last year, 13 million in $20 bills were brought into RiverRock

FYI

PARQvancouver casino grand opening tomorrow.

not sure about that chrome winnie da pooh up front but hey, brand new money laundering casino!

$13,000,000/$20 Bills = 650,000 bills

650,000 bills * 0.93 grams/bill = 604,500g or 604.5kg of bills.

https://i.ytimg.com/vi/7HrmD_vIMIk/maxresdefault.jpg

Except with conversion and only $20 denominations, 604.5kg of money isn't worth near the Walter White money bed. Was the height of walter's wealth like 80 million? can't remember he had like 8 barrels of money worth around 9-10 million each

Damn i want a solid money bed.

Glad to see some media coverage of this. But are people really trying to blame Vancouver's real estate issues on this? It doesn't really sound like this one company is laundering that much money (I'm talking enough to make an economical change). How many of these businesses are out there?

I only read the first bit of the article, but it said the one is ~$500 million. Even if they put all of it into Vancouver real estate, there's no way they'd even make a dent. At $1 million/property that's 500 properties, and there's currently over 2000 $1M+ properties currently for sale in Vancouver alone. When I zoomed out to the whole GVRD it hit 8000. Obviously I'm oversimplifying things here but buying 500 of those 8000 properties all at once is still only 6% of the current market aka sweet crap all. So unless there are a frighteningly large number of these operations going on and they're all buying real estate in the same place it's not even a blip.

It was an interesting story, but really just pointing out the obvious.

Even if a link can be made between the impact of money laundering and the real estate market, the damage has already been done, as the author implies at the end of the article. The government cannot seize assets that are not directly related to the proceeds of crime.