In the wake of former high-ranking Mountie Peter German’s damning independent report on money laundering in B.C. casinos, attention is now shifting to possible illegal flows of money in the real estate industry.
The report highlighted potential money laundering links to both the illegal drug trade and the city’s white-hot housing market, and a Global News investigation identified similar troubling connections in what is known as the “Vancouver model” of transnational crime.
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Attorney General David Eby has tasked German with a second phase of the investigation, looking at the role of organized crime in the real estate sector.
Cameron Muir, chief economist for the BC Real Estate Association, acknowledged that money laundering is a concern, but said he thinks concerns are being overstated when it comes to housing.