Chinese Fetanyl Kingpins Laundered Over $5BN Through Vancouver Homes




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POSTED BY Ed (17 days ago)
A new "secret" police study has found that Chinese crime networks could have laundered over $1B through Vancouver homes in 2016 alone, and that a surge in the city's home prices are simultaneously tied to a surge in opioid deaths.

The report examined over 1,200 luxury real estate purchases in British Columbia's Lower Mainland during that year, and concluded that over 10% were tied to buyers with criminal records. Crucially 95% of those transactions could be definitively traced by police intelligence back to Chinese crime networks.

While the study only looked at property purchases in 2016, an analysis by Global News suggests the same extended crime network may have laundered about $5-billion in Vancouver-area homes since 2012. — Fentanyl: Making a Killing

Since 2016 we've chronicled the "dark side" behind the Vancouver real estate bubble, which it turns out has long been a bubbling melange of criminal Chinese oligarch "hot money", desperate to get parked offshore in any piece of real estate, but mostly in British Columbia regardless of price.

A number of investigations have since uncovered extensive links - including money laundering and underground banking - between China's criminal underworld and British Columbia drug and casino cash and VIPs, as well as their connections to China, Macau and the notorious triads. These investigations have found much of the B.C. real estate bubble can be explained as nothing more than the "layering" and "integration" aspect of a giant money laundering scheme involving billions of dollars of Chinese hot money and the criminals behind it.

On Monday the new bombshell study revealed just how extensive and growing this Chinese underworld racket remains and how it continues to impact average citizens and regular home buyers, as well as fueling the continuing opioid crisis across the US and Canada, which has claimed tens of thousands of lives across North America, including nearly 4,000 Canadians in 2017 alone. The figures are so stunning that what is "known" years after the story first came to light could merely be the tip of the iceberg.

The study published by Canada's Global News begins by painting a disturbing scenario that suggests some of Vancouver's priciest homes are nothing more than a new "Swiss bank account" of sorts providing the promise of an anonymous store of value and retaining the cash equivalent value of the original capital outflow from initial criminal transactions overseen for Chinese crime syndicates — all the while fueling Metro Vancouver’s housing affordability crisis.

The ultimate end result of the sophisticated and massive money laundering scheme is that middle-class families have been priced out of the city, per the report:

he stately $17-million mansion owned by a suspected fentanyl importer is at the end of a gated driveway on one of the priciest streets in Shaughnessy, Vancouver’s most exclusive neighbourhood.

A block away is a $22-million gabled manor that police have linked to a high-stakes gambler and property developer with suspected ties to the Chinese police services.

Both mansions appear on a list of more than $1-billion worth of Vancouver-area property transactions in 2016 that a confidential police intelligence study has linked to Chinese organized crime.

More https://www.zerohedge.com/news/2018-11-26/chinese-fetanyl-kingpins-laundered-over-5bn-through-vancouver-homes-2012

COMMENTS

Ed (17 days ago)
FENTANYL: MAKING A KILLING

https://globalnews.ca/news/4658157/fentanyl-vancouver-real-estate-billion-money-laundering-police-study/

Ed (17 days ago)
https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/Vancouver%20Fentanyl%20crisis%20report.jpg


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