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April 10, 2019 | Crime Proceeds Helped Inflate Canada’s Property Prices and Debt

Danielle Park

Portfolio Manager and President of Venable Park Investment Counsel (www.venablepark.com) Ms Park is a financial analyst, attorney, finance author and regular guest on North American media. She is also the author of the best-selling myth-busting book "Juggling Dynamite: An insider's wisdom on money management, markets and wealth that lasts," and a popular daily financial blog: www.jugglingdynamite.com

About those world-famous-sky-high Canadian home prices that have helped drive record debt enslavement for Canadian households that will cost our economy for years to come…there’s an even darker side to some of the price-indiscriminant buying–money laundering proceeds of crime.  That’s right, cash from the debilitating opioid epidemic and other crime rings can be directly traced to properties that have then served as market value benchmarks ratcheting up shelter costs for regular law-abiding families.

British Columbia is the main entry point for illicit drug flows into Canada. A new provincial report this week concludes that criminals have run largely unchecked since there are currently no federal RCMP officers dedicated to money laundering investigations in BC, and this needs to change immediately if we’ve any hope of crimping the dirty money flow and associated social problems in Canada, see Review finds zero federal anti-money laundering police officers working in BC.  Also, see the Global News report below,

Criminal cash, by the bag load has been laundered through B.C. casinos. Now, the microscope is on the Metro Vancouver real estate market. In a Global News exclusive, there are new details of a police intelligence investigation that links dirty cash linked to Asian organized crime straight into some of Vancouver’s most sought-after neighbourhoods.

Here is a direct video link.

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April 10th, 2019

Posted In: Juggling Dynamite

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