Canada is such a haven for money laundering, it has a number of methods named after it. Let’s talk about the latest, the “Vancouver model.”
In Mainland China, there’s a US$50k restriction on the amount of cash people can export from the country. Sometimes you need more.
🧵👇
In Mainland China, there’s a US$50k restriction on the amount of cash people can export from the country. Sometimes you need more.
🧵👇
2/ Using the Vancouver model, you drop off your local money with your friendly neighborhood gangster.
You then fly to Vancouver, and meet with their associates. They’ll give you a sack of cash (possibly from the proceeds of illicit activity), and you convert it at a casino.
You then fly to Vancouver, and meet with their associates. They’ll give you a sack of cash (possibly from the proceeds of illicit activity), and you convert it at a casino.
3/ Once you get your casino chips, you play a few small bets, and pretend to gamble.
You then cash out with clean money.
It’s called the Vancouver model, but other cities likely do it. Most provinces just don’t want to find out why cash just randomly started pouring in. /thread
You then cash out with clean money.
It’s called the Vancouver model, but other cities likely do it. Most provinces just don’t want to find out why cash just randomly started pouring in. /thread
I’m sure this was a total coincidence though.
Bonus fact.
Transparency International gave BC and Ontario similar reports on how billions in real estate was bought with cash that circumvented money laundering controls, with no way to know who owns the homes.
BC looked into it. Found the Vancouver model.
Ontario ignored it.
Transparency International gave BC and Ontario similar reports on how billions in real estate was bought with cash that circumvented money laundering controls, with no way to know who owns the homes.
BC looked into it. Found the Vancouver model.
Ontario ignored it.
