Real Estate discussions

[whatnext]

Originally Posted by Changing City

As Warren noted, I don't think anybody has said money laundering doesn't exist. Just that it isn't the reason why property prices have become unaffordable for many would-be buyers. As the inquiry into money laundering earlier this year confirmed.

The exact quote regarding money laundering from the report did not say money laundering is not one of the reasons. It said it required further study

...the Cullen Commission said it is not clear that money laundering is the cause of housing unaffordability. “The public discussion about, and interest in, money laundering has been fuelled, in part, by rising real estate prices,” Mr. Cullen wrote. But he said it would take more study to determine if that is in fact the case....

https://www.theglobeandmail.com/canada/b...-agency-failed-to-stop-flow-of-billions/


Meanwhile in today's Vancouver Sun:

Vancouver drug lord gets 14 1/2 years in U.S. prison
A California jury convicted Chiu last March on conspiracy and drug charges. And earlier this month, U.S. district court Judge John A. Kronstadt sentenced the 44-year-old to 14 ½ years in prison.
Author of the article: Kim Bolan
Publishing date: Oct 27, 2022

....A California jury convicted Chiu last March of conspiracy and drug charges. And earlier this month, U.S. district court Judge John A. Kronstadt sentenced the 44-year-old to 14 ½ years in prison.

The U.S. Attorney’s sentencing memo, obtained by Postmedia News, said Chiu “led an international drug trafficking organization that spanned from Mexico to Canada, exporting hundreds-of-pounds of cocaine and heroin, with an estimated wholesale value of at least (US)$4.5 million.”....

....“The government is trying to portray Mr. Chiu as a cunning leader of a drug organization while the defence is maintaining that he is a mere foot soldier who was taking marching orders,” the memo said. “Before this case, he was running an honest real estate and property management business. Under the government’s theory, Mr. Chiu magically transitioned overnight from the real estate field to the head of a drug trafficking organization.”

In fact, Chiu was investigated by Vancouver police for drug trafficking years before his arrest in the Los Angeles case.

Both he and his brother Richard were subjects of the VPD’s Project Tar that probed drug traffickers who allegedly laundered cash through Silver International — the illegal Richmond bank that was the subject of the RCMP’s ill-fated E-Pirate investigation. Neither brother was charged in the VPD case. Richard Chiu was found murdered and burned in Colombia in June 2019 — a day after he arrived in the South American country for meetings....

https://vancouversun.com/news/local-news/vancouver-drug-lord-gets-14-5-years-in-u-s-prison