“More than C$7 billion in dirty money was laundered in B.C. in 2018, hiking the cost of buying a home by about 5%, according to British Columbia’s Expert Panel on Money Laundering in Real Estate.”
Money laundering in Canadian real estate is a widely accepted fact of life these days, but the impact isn’t.
Looking to launder some cash?
The banks claim they’re complying with anti-money laundering regulations.
Construction Halts on LA’s Chinese-Owned $1-Billion Oceanwide Plaza; Fretting Starts about $1.6-Billion Oceanwide Center in San Francisco.
The changes pose real threats to the highly speculative pre-sale condo market.
People view paying in cash “as a fundamental freedom, which should not be disproportionately restricted.”
For hackers, biometric data is the Holy Grail. Now banks, including the ones that got hacked, will require it from their customers.
There’s unconfirmed speculation JPMorgan may have been granted immunity as the whistleblower.
With impeccable timing.