BC Government Calls Public Inquiry Into Money Laundering

[Nucksfollower1983]

lol 15 years too late and after all the politicians got rich off of it..... good lookin out.

[the grinder]

lol so it gonna take 2 years for the report to be done and then what ?   hey gangsters we know what you are doing but hey keep doing it for 2 more year then how long will new  laws actually come into effect a another year or 2 and  by that time the paper trial is going to be impossible to prove anything.and that is just bc , meanwhile the federal government is standing around doing nothing, with two  eyes closed and their hands open   they are just as much to blame for money laundering as well ,  customs , the ports , air ports  , they give out the visas and tax rebates to the money launders ,  it all start with the top of government  its time to toss the garbage out of Canada,

[JM_]

16 hours ago, debluvscanucks said:

Whether or not this is political posturing, whatever....this does show that the public isn't just a bunch of idiots and "we're onto you".  For so long, they acted on ignorance is bliss as they bought and sold our quality of life here.

 

So, if nothing more, it'll serve as notice that the people have had enough. 

 

That the BS and lies don't wash along with the dirty money.

 

That the pictures showing them smugly smiling with criminals that were a slap in the face are now going to come back to haunt them.

 

That it's "out there" - not just at a national level, but world wide.  We're a joke and someone has to wear that label.

 

It likely started when we invited the world to come in '86 but the past decade or two things have gotten out of hand.

 

When I apply for a job in a criminal hub and am told the clients "prefer not" to speak English (not "they can't"...."they don't want to") yeah...now we know why.

 

Throw in a few more KOS:  Qwillo license plates.  Air BnB farm "house" hotels for foreigners to invite their overseas "guests".  Luxury vehicles that are worth more than the houses here used to be that are driven by students.  Homeowners who declare low income and collect subsidies that they cash and fill their high end purses with.

 

Any home equity that is lost should (including mine) will be worth it.  Some people are being driven out of their homes by rising property taxes so there's that flipside.  

 

The real estate market isn't dependable and so it should be homes that are bought, not investments for flipping.  Speculating comes with risk and it's not guaranteed.  Especially when it's done in a shady manner that's affecting the average Joe and young couple here.

 

I love what's happening...high time for it.  The can of worms was open but now it's time to do some clean up and get rid of the crud in this province.

 

 

 

 

I agree with a lot of what you're saying except for the bolded parts. 

 

We're not a joke. If you look at almost any part of the world criminal activity in all things financial is rampant. Outside of the media (and we know what most of that is worth) Canada is seen as a very stable safe place to do business. Of course there's corruption, etc. but there are far far worse places than here. 

 

On the equity part - I wouldn't be so quick to be willing to give that up, its the only bargaining chip we citizens have. We can't let that decline without guaranteed changes to affordable housing, all of the politicians will piss that away for us and not fix affordable housing unless they know they'll be voted out if equity adjustments and affordable housing don't go hand in hand. 

 

For me, if my equity goes down but it means my daughter can buy a place of her own thats fine, I'm paying one way or the other and I'd much rather have the next generation be in a situation where they can stand on their own. But I haven't seen anything from Horgan yet that shows me he's got a real plan for  affordable housing for working people. Yes there is movement on non-market housing but nothing yet for working folks. 

 

Edited May 16, 2019 by Jimmy McGill

[peaches5]

17 hours ago, kingofsurrey said:

Ok - i have a few ideas...  I am sure many of you have alot as well.......

 

Stop selling CDN passports for corrupt  cash...

Stop BC real estate developers  and their agents to market/  pre-sell entire local new projects to OFFSHORE investors only.....

Stop selling BC real estate to people with corrupt cash that want a place to park it....  lock it up.... and don't live in it...

Stop allowing people to use our BC casino's as their own personal money cleaning services....

Stop letting non canadians to use our BC  hospitals as free Birthing centres...

I know people who work in China and there are literally Chinese individuals who have purchased entire streets in BC and entire condo buildings. They can't keep the money in China because it's dirty so they just buy Canadian real estate at any price. They don't care how much it costs or how much they end up selling for because it's all clean once they've bought it. The government should go back and seize these properties and then put them back on the market IF the people can't prove the money was legit. I don't care if they were already "approved" go back and fix your mistakes. If someone can't prove where they got a billion dollars from or 10 million dollars from or 1 million dollars from then take their damn home away.

 

Talk to any Chinese person who works in China and they can tell you someone who does this.

 

Also to say the real estate is only 10% higher is an absolute joke. The real estate is 50-60% higher than it should be because of the Canadian government approving these sales.

[-DLC-]

31 minutes ago, Jimmy McGill said:

I agree with a lot of what you're saying except for the bolded parts. 

 

We're not a joke. If you look at almost any part of the world criminal activity in all things financial is rampant. Outside of the media (and we know what most of that is worth) Canada is seen as a very stable safe place to do business. Of course there's corruption, etc. but there are far far worse places than here. 

 

On the equity part - I wouldn't be so quick to be willing to give that up, its the only bargaining chip we citizens have. We can't let that decline without guaranteed changes to affordable housing, all of the politicians will piss that away for us and not fix affordable housing unless they know they'll be voted out if equity adjustments and affordable housing don't go hand in hand. 

 

For me, if my equity goes down but it means my daughter can buy a place of her own thats fine, I'm paying one way or the other and I'd much rather have the next generation be in a situation where they can stand on their own. But I haven't seen anything from Horgan yet that shows me he's got a real plan for  affordable housing for working people. Yes there is movement on non-market housing but nothing yet for working folks. 

 

The we're was mostly in relation to Richmond.   Because here things have drastically spiralled as we've been the hub for a lot of what's been happening.  
 

I mostly am thinking of my kids and what their future looks like.  But let's face it - if all the speculators sitting on condos (the new thing) are forced to rent them or pay, it'll not only help at that end but it will deter more of the same.  And that opens up a lot of units that are currently sitting empty. 

 

The Air BnB thing too - people now would rather rent on a nightly basis and that takes a lot of potential long term rentals out of the mix.  So, while it's a slow drag to get there, I think provisions are being made.

 

The market is currently being driven by stuff that hurts us more than it helps us.  My Dad and I both own homes so it pains me to know values are dropping...but I know it's for a greater good.  Things are very unstable when propped up by the activities that they currently are and the criminal element that's exploiting every system there is here.  It has to stop, even if it costs us in the end.  We didn't create the problem but we're certainly paying for it - one way or another.  Which is why this inquiry is so important.   To at least expose it, although I'd prefer seizures, jail time, people ousted from jobs that they hold if they participated in any way, deportation of criminals who have no interest in this as "home" but only a place to put their dirty money on the spin cycle, etc.  

I am not holding my breath for that series of events to take place, but at least it will set a tone that this is not to be accepted here.  

[-DLC-]

14 hours ago, jimmyking8888 said:

A closer reading of the two studies B.C. used to support its dirty money announcements show there's little hard evidence of actual money laundering,

This is from article from Vancouver Sun and the Province.    

https://vancouversun.com/news/local-news/vancouvers-dirty-money-figures-the-smoking-gun-that-wasnt

They'll be digging deeper.  It's been creatively mastered, through numbered companies, cash transactions, financial institutions and other places that supported this activity.  This is the beginning, not the end of this.

 

No hard evidence "yet".  

[DADDYROCK]

As a person that grew up in the greater Vancouver area I can see why people from around the world want to live here,but our government has let us down as usual and of course do something that should have been looked into in the 80's and 90's.

 

If the federal and provincial governments look into this inquiry the same way that they have brought the legality of cannabis into fruition(what a bunch of nincompoops), we are kidding ourselves that anything will be done to help with this criminal money laundering crisis.

 

However if they do get lucky and find wrong doings it should be more than just a little slap on the wrist.Lets face it, if you walked into a bank and tried to steal five dollars you would "GO TO JAIL" never mind millions of dollars,that have been stolen from the good honest people of B.C.

[canucklehead44]

14 hours ago, Violator said:

You seem to have a spending issues i know alot of people that make far less and are doing okay in vancouver.

Are they under 30 and own detached homes in the city they paid for (20% down) with no parental help? I don't see how they can afford a 1.6 million dollar average priced home on a lower income than me unless 1. they are older or 2. their parents gave them a major assist. 

[redhdlois]

11 hours ago, debluvscanucks said:

The we're was mostly in relation to Richmond.   Because here things have drastically spiralled as we've been the hub for a lot of what's been happening.  
 

I mostly am thinking of my kids and what their future looks like.  But let's face it - if all the speculators sitting on condos (the new thing) are forced to rent them or pay, it'll not only help at that end but it will deter more of the same.  And that opens up a lot of units that are currently sitting empty. 

 

The Air BnB thing too - people now would rather rent on a nightly basis and that takes a lot of potential long term rentals out of the mix.  So, while it's a slow drag to get there, I think provisions are being made.

 

The market is currently being driven by stuff that hurts us more than it helps us.  My Dad and I both own homes so it pains me to know values are dropping...but I know it's for a greater good.  Things are very unstable when propped up by the activities that they currently are and the criminal element that's exploiting every system there is here.  It has to stop, even if it costs us in the end.  We didn't create the problem but we're certainly paying for it - one way or another.  Which is why this inquiry is so important.   To at least expose it, although I'd prefer seizures, jail time, people ousted from jobs that they hold if they participated in any way, deportation of criminals who have no interest in this as "home" but only a place to put their dirty money on the spin cycle, etc.  

I am not holding my breath for that series of events to take place, but at least it will set a tone that this is not to be accepted here.  

Not to worry Deb....your home will still be worth a lot more than you paid for it

[Kragar]

On 5/16/2019 at 8:54 AM, canucklehead44 said:

Are they under 30 and own detached homes in the city they paid for (20% down) with no parental help? I don't see how they can afford a 1.6 million dollar average priced home on a lower income than me unless 1. they are older or 2. their parents gave them a major assist. 

How many people under the age if 30 should be able to buy a detached home with a proper down payment?

 

Don't get me wrong, the housing prices up there are nuts, but it seems too many young people expect to start off where it took their parents a generation to get to.  Expecting the average mid-to-late 20s couple to have 2 cars, 2 phones, a nice TV, a few other luxuries and buying a detached home "in the city" is setting the bar a bit high, IMO.