Comments by "D W" (@DW-op7ly) on ""Impossibly unaffordable": Housing report crowns Vancouver 3rd most expensive city in the world" video.
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@kyungshim6483 the laundering that is f flowing into Canada is in line with money flows into any country at 5% to 7%
Where you are just taking away from the fact 95% to 93% of the money flowing into Canada comes here legally
Plus our Courts have ruled our Canadian banks don’t have to follow Chinese laws as long as we are not breaking ours
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Judges: CIBC bank supports clients who break China’s cash-export laws, to buy Vancouver homes
Canadian banks are not obliged to follow China’s rules, and nor are they obliged to report clients whom they know to have broken them – so long as they are not breaking any Canadian rules in the process.
How far, then, will a financial institution go to satisfy the flood of Chinese millionaires looking to find new Canadian homes for their family and their funds?
SCMP
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Canadian banks helping clients bend rules to move money out of China
It is illegal for Chinese citizens to remove more than $50,000 (U.S.) a year from China without government permission, partly to stop corrupt millionaires from fleeing with their money. But a review of B.C. court cases by The Globe found they have worked around this restriction by sending millions of dollars into Vancouver-area banks through multiple wire transactions of smaller amounts by family and friends.
TheGlobeMail
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Judges: CIBC bank supports clients who break China’s cash-export laws, to buy Vancouver homes
Canadian banks are not obliged to follow China’s rules, and nor are they obliged to report clients whom they know to have broken them – so long as they are not breaking any Canadian rules in the process.
According to both the original judgment and the appeal ruling, it was the practice of CIBC to support clients dodging China’s US$50,000 export limit. This was done by the client arranging for multiple individuals to make wire transfers of up to US$50,000 on their behalf, with the funds eventually reunited in Canada.
SCMP
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