How shady lenders with drug-crime connections are using B.C. real estate to clean dirty money

“It’s a big headache for any drug trafficker: trying to protect illicit profits from being stolen or confiscated. They can’t walk into a bank with bags of cash, because staff would be required to report that to authorities as suspicious. And so the money piles up. Until they find a way to launder it. A Globe and Mail investigation has discovered that the Zhangs and other local residents associated with drug-related crime are effectively parking their riches in Vancouver-area real estate, where it is rendered clean and secure, without actually owning any of the properties.”

Kathy Tomlinson and Xiao Xu – The Globe and Mail – February 2018

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