When British Columbia released its bombshell findings last week that more than $7 billion was laundered in a single year through the Canadian province — mostly through real estate — it trumpeted that “thousands” of properties might be involved.
“It’s very difficult for us to really accurately estimate the volume of flows of money laundering,” said Vanessa Iafolla, who researches money laundering at the University of Waterloo in Ontario. “It’s hard to measure something that you can’t see.” The study gauged that $7.4 billion was laundered through B.C. last year. By far the biggest source of dirty cash into Canada was the U.S. at $4.9 billion, six times more than from East Asia, including China. The second study, led by a former police chief, said it identified thousands of suspect properties — none of which were used to arrive at the $7 billion figure — and declared that “China figures prominently” in the flow of suspicious money.
The government trumpeted thatC$5 billion of the $7 billion washed in the province last year went into real estate — the study’s highest possible estimate. It may be as low as $800 million depending on how criminals save versus invest, according to the report. The study also indicates billions more are being laundered in oil-rich Alberta and Ontario, home to the financial capital Toronto.
On Wednesday, a government news release said the impact on Metro Vancouver prices may have been “upwards of 20 per cent” — the kind of geographic granularity that’s impossible to calculate with current data, the report’s chair Maureen Maloney had said earlier this week. The offices of Horgan, James and Attorney General David Eby didn’t immediately respond to a request for comment.
But rich economies generate the most dirty money and from crimes related to the financial sector that can move billions at the push of a button, according to Brigitte Unger, a professor at Utrecht University who modelled the Canadian study. She says the Netherlands, considered to be at the forefront in tackling dirty money, had earlier made the same mistake that “money laundering only took place in Chinese restaurants and casinos.
Source: Entertainment Trends (entertainmenttrends.net)
The smoking gun? Turned out to be more like a ballistic missile than a gun.
The figures WERE WRONG. It's worse.
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