Canadian bank helping clients bend rules to move money out of China

Some Canadian banks allow wealthy Asian investors to skirt Chinese law by helping them bring in large amounts of money that is often used to buy real estate in Vancouver.

Financial institutions in the area have flagged more than 8,200 suspicious transactions since January, 2012, the year China began cracking down on citizens they suspect of corruption.

Ninety-six per cent of those transactions were also facilitated by the banks, however, even though the vast majority of that business involved suspected money laundering, according to FinTRAC, the federal agency responsible for tracking money laundering.

These findings, obtained by The Globe and Mail through an Access To Information Request, come as a debate rages over the source of foreign investment and Vancouver’s soaring luxury housing markets. A recent study by Macdonald Realty said 70 per cent of clients who paid more than $3-million for Vancouver houses last year were from China.

Link To Article

Leave a Reply

Canadian bank helping clients bend rules to move money out of China

 Sign Up for Our News Letter Below:

Title: Sign Up NewsLTR
Enter valid email address.
First
Last
NewsLTR Sign Up

Canadian bank helping clients bend rules to move money out of China

Recent Posts

Title: Recent Posts
Recent Posts

Canadian bank helping clients bend rules to move money out of China

Blog Categories

Title: Blog Categories
Blog Categories

Canadian bank helping clients bend rules to move money out of China

Contact Us

Cultural Action Party of Canada
Vancouver, British Columbia, Oh Canada!

Contact Us: capforcanada1@gmail.com

Address

Get Free Info Pack

Contact Form
CAPC Social2

Facebook

Get the Facebook Likebox Slider Pro for WordPress
%d bloggers like this: