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A man who was making $40,000 a year was flagged by authorities after purchasing $32 million of real estate in Vancouver.
The Commission of Inquiry into Money Laundering in B.C. examined the man, who bought nine properties after $114 million was transferred from offshore accounts.
According to a case study, the man reported a “steady annual income peaking at the CAD equivalent of $40,615,” and a family member “was employed as a clerk with undisclosed income.”
The document said that together they were able to amass the equivalent of $1.26 million to come to Canada from China.
Authorities were alerted to possible money laundering when they noticed a discrepancy between the amount transferred and the amount of their income.
The document said it was not only the man’s personal bank account that had suspicious transfers — he also used his family members’ accounts to deposit millions of dollars.
Between April 2006 and November 2014, the man and his family members received about $114 million from Hong Kong, BIV added.
A lot of this money was moved through what the document refers to as “Company A.” This company is an “investment holding company listed in the Bahamas and beneficially owned by the mother,” according to BIV.
The document also showed that the wife had “ordered transfers from institutions listed in Switzerland, China, Singapore and Canada.”
“Unless they made considerably more before the majority of funds began to come to Canada in 2010, [the man] and his family did not have sufficient resources to account for the funds they transferred,” said the document.
The document lists nine properties that were purchased. Exact details are redacted in the document, but it does show that the homes were priced in the millions and refers to “the child” as buying a $14 million home.
“Commissioner Austin Cullen heard closing submissions this month and is expected to submit a final report in December, with findings and recommendations that could include real estate regulations and anti-corruption measures,” said BIV.
This article’s cover image was used for illustrative purposes only.