BC: The Best Place to Launder Money

Looking to launder some money?

You’d be hard pressed to find a better place to do it than right here in beautiful British Columbia.

“One of the members of the public service said, ‘Get ready. I think we are going to blow your mind.’ While I cannot share all of the details, I can advise you that the briefing outlined for me allegations of serious, large-scale, transnational laundering of the proceeds of crime in British Columbia casinos,” Eby said. “And I was advised that the particular style of money laundering in B.C. related to B.C. casinos is being called, quote, ‘the Vancouver model’ in at least one international intelligence community.”

Eby suggested that a “lax attitude” towards regulation of B.C. casinos, during a period when the previous government had enjoyed “massive increases in provincial gambling revenue,” seems to have contributed to the problems today in B.C.’s gambling system.

Once you’ve had fun in our casinos come join the real fun in our property market where owners get to hide behind ‘opaque legal mechanisms’ for a place to stash cash that pays back!

Eby also said that he believes B.C.’s property ownership system — in which true owners of property can hide behind opaque legal mechanisms — could be attracting foreign criminals and corrupt officials seeking to hide wealth in the province. Eby said Finance Minister Carole James is working on reforms to pull back legal veils that cover true ownership of property and corporations.

Eby pointed to a 2016 study by Transparency International that showed real estate buyers in B.C. are using shell companies, trusts and nominee buyers to hide their beneficial interest in property.

In examining Vancouver’s 100 most valuable homes, the report found that 46 per cent — amounting to more than
 $1 billion in assets — have opaque ownership. Of the 100 properties, 29 are held through shell companies, at least 11 are owned through nominees (listed as students or housewives on land titles), and at least six are disclosed as being held in trust for anonymous beneficiaries, the report said.

Eby said B.C.’s landownership system could be connected to Metro Vancouver’s skyrocketing home prices. Top economists have “made inescapable arguments that taxable incomes reported to Revenue Canada have no connection to real estate values in Metro Vancouver until you get out to the distant suburbs of Vancouver,” Eby said.

This Eby guy sounds like a troublemaker. You know what to do, get out your wallet . With the right motivation we should be able to get this new government on the right side of history and keep the fun going in the casinos and the housing market. Right?

Read the full article here.

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[…] Southseacompany points out this article in the Financial Post warning of ‘three or more‘ rate hikes next year. […]

southseacompany
Member
southseacompany

“Borrowers might dodge a rate hike today, but brace yourself for three, or more, next year”, Financial Post

http://business.financialpost.com/news/economy/bank-of-canada-set-to-end-year-on-pause-after-two-summer-hikes

Time to go
Guest
Time to go

27 of the 72 owners suing after the Cambie Development debacle:

https://thinkpol.ca/2017/12/05/pre-sale-buyers-sue-cancelled-cambie-condo-developer/

Coincidence that the names on the court filings all have a common theme:

https://twitter.com/FIVRE604/status/938424603008839681

bullwhip29
Guest
bullwhip29

i wonder who the other 45 buyers were. or did the 27 people named buy more than 1 unit each? let’s see… ok, I buy three and …

Abdul Lahazi
Guest
Abdul Lahazi

“The buyers are also seeking from the company and its directors Zhong Liang and Chao Tai Liang”

Again and again… don’t do business with the chineeze you will eventually get screwed over every time. They are only in it for a quick buck.

Time to go
Guest
Time to go

“A quick buck” economy seems pervasive all over Vancouver. From bots buying concert tickets or the latest fad in toys and ramping up prices in resale to the insanity that is presale condos, it’s rather disheartening.

history
Guest
history

The Raincoast is just like this. Prone to bubbles. Eg. Population growth and busts. Just ask a native elder with an education… the population can ramp very fast, Whack, there’s a disease or war, and down it goes. Anthropology connects Chinese with Polynesia, Lemuria (Mu). So we know who is most vulnerable, but we dont know the outcome. Will Richmond be like a diserted Native village at some point? Im guessing it’ll be worse and extend most everywhere, as future residents pass on living in buildings with Evil Spirits brought on by Finance Fraud.

Just me
Guest
Just me

All locals.

Abdul Lahazi
Guest
Abdul Lahazi

Letter: Kudos to councillors for rejecting Onni offer

http://www.richmond-news.com/opinion/letters/letter-kudos-to-councillors-for-rejecting-onni-offer-1.23103958

“One prominent Richmond realtor estimates that almost half of Richmond’s new condos in City Centre remain sold, but empty. What guarantee is there that this will not occur in this development?”

We don’t have a supply problem we have a speculation problem.

Abdul Lahazi
Guest
Abdul Lahazi

World at “pivot point,” needs to embrace openness free trade, PM says

https://app.tmxmoney.com/news/cpnews/article?locale=EN&newsid=DVG855&mobile=false

GUANGZHOU, China – The world is at a “pivot point” and will fail unless countries embrace free trade and elevate their citizens who have been left behind by globalization, Prime Minister Justin Trudeau warned Wednesday. In his speech, he singled out China as kindred economic spirit, saying it is “well aligned” with Canada to fight for liberalized trade.

This guy is so out of touch with reality. Free trade has been a disaster for the average citizen in many countries, and as much as Trudeau would like it to be, I would certainly not call Canada a “kindred economic spirit” with the fraud of communist China.

Oracle
Guest
Oracle

He’s not out of touch. He is making his friends a lot of money while padding his kids fortunes.

bullwhip29
Guest
bullwhip29

Bank of Canada maintains overnight rate target at 1 per cent
http://www.bankofcanada.ca/2017/12/fad-press-release-2017-12-06/

>>> seems like Poloz is stuck between a rock and a hard place now, likely for the foreseeable future. Cda just cxl’d boeing CF-18 order which wont make NAFTA negotiations any simpler. I’ll stick my neck and say all this uncertainty could leave them on hold for all of 2018

Just me
Guest
Just me

Poloz and Wilkins have shown, over and over again, that their own career progression is more important than sound policy.

Just me
Guest
Just me

Dan Fumano: Experts say tax system ‘incentivizes free-riding,’ while Vancouver considers change.

http://vancouversun.com/news/local-news/dan-fumano-experts-say-tax-system-incentivizes-free-riding-while-vancouver-considers-change

The surtax idea is, as Simon Fraser University assistant professor Josh Gordon wrote in a Vancouver Sun column last month, “so obviously fair,” that since its introduction in January 2016, “not a single serious attempt has been made to criticize it. To do so would be to defend tax avoidance.”

And now, the City of Vancouver also wants to explore the idea.

YVR
Guest
YVR

If you recall Eby drafted similar legislation and put it forward when the NDP were in opposition. It was part of their election promises to take quick action to cool on housing. Where is Eby?

Just me
Guest
Just me

Kesselman’s proposed approach doesn’t differentiate based on nationality or immigration status — only where income taxes have been paid.

Asked this week whether anyone criticized the proposal as xenophobic, Kesselman answered with a question: “Is it xenophobic to want to protect housing for people who live somewhere, make their living there, contribute there?

“I would hope we’re beyond the point where that’s going to freeze us in our ability to deal with some of these issues,” he said. “I guess it’s in the eye of the beholder whether or not that’s xenophobic, but I don’t think it is.”

Just me
Guest
Just me

Gordon referred to a 2014 Canadian government report showing wealthy investor immigrants paid an average annual income tax of $1,400, far lower than other kinds of immigrants or the national average.

That’s a key point when considering the question of fairness, said Tom Davidoff, a Sauder School of Business professor and co-author of the 2016 UBC proposal, pointing out recent research on the phenomenon of low incomes reported in expensive Vancouver neighbourhoods with multimillion-dollar homes.

“If you’re declaring poverty income and you live in a gazillion-dollar house, I think as a matter of basic fairness and efficiency, you ought to be footing a lot of the tax bill,” Davidoff said.

Just me
Guest
Just me

Last week, Vancouver’s chief planner, Gil Kelley, told The Sun that the city can’t fix the unaffordability crisis without taming global demand for local real estate. It would have been hard to imagine such a statement coming from city hall a couple of years ago, Gordon said, at a time when “leadership had somewhat downplayed the role of global capital.”

“But it shouldn’t have been a surprise. This should have been the conclusion all along, this was staring us in the face for years,” Gordon said. “It’s a relief that we’re finally at this conclusion, but in the meantime, a fair bit of damage has been done.”

Just me
Guest
Just me

Property owners most affected by the surtax would include “non-resident foreign owners, astronaut families, tax-evaders and criminals using their proceeds to buy homes,” Kesselman wrote.

Within days of Kesselman’s Sun column, a similar idea was proposed by a group of academics led by economists with UBC’s Sauder School of Business and the Vancouver School of Economics. The two proposals featured different policy details, including how best to protect “house-rich, but cash-poor” retirees, but shared the central idea of a property surtax that can be offset by income tax paid in B.C. (or Canada).

Gordon said this week: “There are several policy variations on this proposal, but the underlying insight is the same: our current tax system incentivizes free-riding. We need to make sure that wealthy people pay their fair share, otherwise we become a subsidized resort town for the world’s rich.”

UBC in crisis mode
Guest

After the court ruling (Toronto Realtor Association lost) the sold price is available from a few web sites:
http://housesigma.com/site/map/checkprice

(you need to register)

Steeles-Scarborough
Detached
$788,000
Sold 11 days ago
Sold For:
$740,000

Sketchy
Guest
Sketchy
history
Guest
history

So, in light of massive mortgage and financial fraud, what is meant by Stress Test?

Rope strength? Is there even enough rope out there to hang half of ’em?

7 billion people.. how many millions in the rats nest of FIRE industry lying every fuken day the last … oh… what? 20 years?

paulb
Member

New
208
Price Change
57
Sold
109
TI:9045

http://www.clivestevepaul.com

AngloMan
Member
AngloMan

and back over 9000 we go………………..

Just me
Guest
Just me

Yup. I am pleasantly surprised!
Completely weird for November, but a lovely surprise.

AngloMan
Member
AngloMan

I couldn’t agree more – and when the condo sales frenzy gets switched off January – will be interesting to see what happens next.
BUY NOW, or be priced out FOREVER!!!

Bestplaceonearth
Guest
Bestplaceonearth

Wow, just a number like that pleased you already. How desperate are you!

Specuskeptic
Member

… and how desperate are you? You’ve solved all of life’s problem as a master investor and master of the universe, so why the fuck are you even on this forum?

bullwhip29
Guest
bullwhip29
Bloomberg: Laurentian Discloses Flawed Mortgages in Home Capital Echo https://www.bloomberg.com/news/articles/2017-12-05/laurentian-bank-audit-finds-misrepresentations-in-mortgages – shares of the Montreal-based regional bank plunged 7.7 percent to C$56.11, the largest drop in almost 9 years – the bank said it will repurchase about C$89 million of those mortgages in the first quarter, or 4.9 percent of such loans sold to the firm. It will buy back an additional C$91 million of mortgages “inadvertently” sold to the firm, also in the first quarter. – total value of the mortgages sold to the third-party issuer was about C$1.16 billion, which means there could be C$124 million of “problematic loans,” according to the bank – the bank is also extending the scope of its audit and reviewing its underwriting procedures after finding C$76 million of insured mortgages that weren’t eligible for insurance >>> again, all the experts were previously… Read more »
bullwhip29
Guest
bullwhip29

Richmond anti-gang unit shuts down illegal bar
https://globalnews.ca/news/3898213/richmond-anti-gang-unit-shuts-down-illegal-bar/

>>> i think the 4th and 5th to last pics say pretty much everything you need to know and what global is too paranoid to blurt out openly, but kudos to them for using selected pics to do the talking for them…

Lost...but not Leased
Guest
Lost...but not Leased

Confucious say ” make me a double …..shaken, not s’turd”

Laibach
Member
Laibach

All LOCALS but just want to feel like being back at home. It is cultural nostalgia, guess…

goofus ottawais
Guest
goofus ottawais

Solomon seal, ya mon… Bob Marley was born with one of those

Woowwee
Guest
Woowwee
bullwhip29
Guest
bullwhip29

Laurentian Bank audit uncovers $89M worth of mortgages with ‘misrepresentations’
http://www.cbc.ca/news/business/laurentian-bank-mortgages-1.4433982

– the lender revealed the news in its annual report on Tuesday, in which it announced a quarterly profit of $58.6 million up from $18.4 million a year earlier

– will repurchase a chunk of mortgages originating from B2B Bank worth $89 million that it sold to an unnamed third party which were found to have what the bank is calling “documentation issues”

– no employees were implicated in any misrepresentations and the documentation issues appear to have been unintentional

*** Laurentian also warned more problematic loans could yet be uncovered because the bank conducted a “limited sample file audit” of $1.1 billion more worth of loans which originated in its branch network, and found similar instances of documentation issues.

BubbleTea
Guest
BubbleTea

Second Cockroach: Canadian Mortgage Lender Crashes After Admitting Mortgage Fraud
http://www.zerohedge.com/news/2017-12-05/second-cockroach-canadian-mortgage-lender-crashes-after-admitting-mortgage-fraud
Like the word Cockroach to describe Mortgage Lender

bullwhip29
Guest
bullwhip29

also, to put things in better perspective, one should realize that:

-RBC is 67X the size of Laurentian in terms of market cap
-the $89M, which already exceeds what the banks profit was in the most recent qtr, may very well only represent the tip of the iceberg too
– would it be a stretch to infer that the big 5 could each have billions of dollars worth of “misrepresented” mortgages on their books?

Dave
Member
Yes. The banking industry has changed quite a bit in the last 20 years. A huge amount of their volume originates from mortgage brokers. We already know there is a lot of sketchy paperwork going on. That works great in a rising tide, but not so much when the tide goes down. Easily in the billions. That’s an understatement. Trust me on this. Real estate is a bigger industry in BC than oil is to Alberta as a percent of GDP. How can the vulnerability not be high? Prices are through the roof. People are stretched. We currently have full employment. Interest rates have bottomed and are on their way up. Mortgage lending is tightening. The corruption of illegal money is being exposed. We have an uncertain Provincial government. The public is starting a revolt against the housing crisis. I… Read more »
Abdul Lahazi
Guest
Abdul Lahazi

20 years ago the banks wrote their own mortgages and they were fairly careful in doing their due diligence. Now they rely on 3rd party mortgage brokers and all bets are off.

Lost...but not Leased
Guest
Lost...but not Leased

Banks and other financial institutions don’t give a sh*te …….The system is totally rigged.

The banks gorge themselves on as much debt as they can till the regulators start to sh*te their $1000 suits and then manipulate interest rates etc to reign in the madness

. aka the Feds realize that CMHC is at risk of not being able to cover the banks bad credit gambling debts……the party is over.

Oracle
Guest
Oracle

More evidence that NDP is Liberals in disguise.

Pot is going to be sold through BC Private Liquor stores. A value for the licence was $800,000 prior to this. Now i’m guessing $.1.3 Million!!! Thats just the pice of paper you need to open a liquor store.

Pay To Play alive and well. Oh, and no online sales ever!

Minions have no idea whats going on with ‘their’ NDP

Lost...but not Leased
Guest
Lost...but not Leased

Could get interesting…
Ironwood Mall had a wine store called SIPS…..Save On foods bought their liquor license and now sells wine.This implies they will sell pot?

I doubt the little guys will last….the pot will end up in the hands of the big boys..the only “out” is if selling pot results in bad publicity for major chains.

bullwhip29
Guest
bullwhip29

B.C. court orders Vancouver protesters to stop blocking modular housing project for homeless
http://www.cbc.ca/news/canada/british-columbia/bc-court-grants-injuction-to-stop-protestors-housing-blockade-1.4434125

Combat roach
Guest
Combat roach

They should move and continue protest in Stanee Pok. In Stanee Pok!!!

Abdul Lahazi
Guest
Abdul Lahazi

Airbnb guest finds hidden camera in room. Expert says ‘more common than you think’

https://globalnews.ca/news/3897163/airbnb-hidden-camera-room/

“a colleague of mine thought it odd that there was a single ‘motion detector’ in his AirBNB in the bedroom and voila, it’s an IP camera connected to the web.”

creepy …

Woowwee
Guest
Woowwee

most do, in hope to catch/film porno and sell on the internet, that’s where the real income is made

Ive heard of guys getting filmed cheating and wacking off and they have to pay a ransom fee to airbnb homeowner to avoid humiliation or divorce

BubbleTea
Guest
BubbleTea

“When everyone is doing it, you can’t put everyone in jail.” Hu Weigang, a lawyer specializing in real estate litigation, on the prevalence of mortgage fraud in China.
https://www.reuters.com/investigates/special-report/china-risk-mortgages/?utm_source=Facebook&utm_medium=Social&utm_medium=Social&utm_source=twitter
China’s RE house of card is about to collapse.

Best place on meth
Member
Best place on meth

““When everyone is doing it, you can’t put everyone in jail.”

Funny, when I say mainlanders are all cheaters, the traitors bleat “racist”!!

How about when locust scammers say it about themselves?

Laibach
Member
Laibach

Why is the word FRAUD a synonym for China and Chinese?

Abdul Lahazi
Guest
Abdul Lahazi

I have been saying this for years now. Most of the Chinese economy is a fraud and it’s built on fraud. It will collapse at some point and it’ll be an epic fail.

Dave
Member

You’d think they are due for a correction based on the history of developing economic powers. The US had a couple depressions and deep recessions in the late 1800s and early 1900s. Maybe China is over due.

bullwhip29
Guest
bullwhip29

Preliminary findings of review into money-laundering at B.C. casinos released by Peter German
http://vancouversun.com/news/local-news/preliminary-findings-of-review-into-money-laundering-at-b-c-casinos-released-by-peter-german

bullwhip29
Guest
bullwhip29

and where else but in Richmond would you find a business like this offering “anonymous” safety deposit boxes with 24 hr state of the art security? heaven knows that the money laundering business can be fraught with risks and logistical nightmares for those with more cash than they can effectively launder and nowhere to safely stash it in the meantime. with mega mansions, illegal hotels and even casinos now being raided, International Private Vaults has something to offer money refiners of all shapes and sizes

https://internationalprivatevaults.com/

Abdul Lahazi
Guest
Abdul Lahazi

From their website:
“The Vault is locked at all times and access is allowed only by one customer and IPV staff member at a time.”
But their promo video shows TWO customers (Asian of course) entering with a security staff member.
Personally I think that place looks like it’s ripe for an inside job ….

Abdul Lahazi
Guest
Abdul Lahazi

Remember Julia Lau?

“In her Granville Street home she kept significant amounts of cash in a closet safe-vault standing between racks of designer jackets. She exuded prominence and wealth.”

history
Guest
history

Mortgage Fraud

Mortgage Fraud

Mortgage Fraud

….Refinance

(Short debt man)

bullwhip29
Guest
bullwhip29

New mortgage stress test rules will block 50,000 people from buying: mortgage group
http://www.cbc.ca/news/business/mortgage-professionals-canada-1.4433319

Oracle
Guest
Oracle

New figures show that there were 104,000 foreign students in metro Bancouver in 2016. Assuming the intake is higher now and a 3 yr complete turnover (time for PR) then you probably have 40,000 new students coming in per year. Add to that their 10 yr visa parents etc.

Those 50,000 locals that can’t qualify will mean less competition for these 40,000.

Oracle
Guest
Oracle

Think about that. 104,000 units occupied by wealthy students. (Need at least $35,000 per year for tuition alone)

Shut It Down Already
Guest
Shut It Down Already

Many foreign students receive funding from their home country either through government programs or private sponsorship. But keep on trying to push the idea that all are extremely wealthy, relocate their entire family here, and never intend to return home.

Abdul Lahazi
Guest
Abdul Lahazi

North Vancouver residents outraged over tree removal

https://globalnews.ca/video/3893129/north-vancouver-residents-outraged-over-tree-removal

it’s surprising the protesters never said anything about their property values being impacted by these tree removals.

Abdul Lahazi
Guest
Abdul Lahazi

Richmond lawyer claims over $7.5M in trust money was stolen and laundered through a casino

https://globalnews.ca/news/3896853/hong-guo-lawyer-trust-fund-casino/

Hong Guo of the Guo Law Corporation issued a news release Monday claiming that the ex-employees used forged cheques to take $7,665,000 out of a trust fund before it was laundered and then landed in China.

More thieves …