zlacker

>>eswat+(OP)
>The whistleblower, whomThe Bureau is calling D.M., immigrated to Canada as an international student from India, making him a minority among mostly Chinese-Canadian co-workers at the Aurora branch.

I mean it's real Chinese income backed by fake paperwork. There's PRC capital controls, rich PRC national who buy RE abroad are going to do it via laundering services and has been for decade+. Banks are fine with this and have dedicated branches in diasphora area to handle because the money is good and reliable. Sometimes rich Chinese immigrants also do odd jobs to fill time, bored aunties with multi million dollar mansions in Richmond working shifts at River Rock Casino. It's a bizarre world.

>>maxglu+O8
It could be real Chinese income backed by fake paper work (money laundering) or fake income backed by fake paper work (fraud). You can take out $50k per year, a lot more via exemptions, so you don’t need money laundering to get money out of china into the USA (I had to move a few hundred K before, all the paper work was legit).

>>seanmc+5b
I presume you were foreign national with more options. Options for diasphora Chinese, many who illegally hold dual citizenship and relies on PRC nationality to do transactions/capital flight in PRC is different.

I highlighted the original quote where branch is mostly Chinese-Canadian for context. Aurora is 20% Chinese, it's a big diasphora neighbourhood. There isn't some big "fake chinese income" conspiracy, it's the entire (proven) business plan (money laundering) with occasional fraud. I think pretty much everyone knew Chinese are buying million+ propertiers with laundered money, and it fuels the bubble as much as any other foreign buyer.

>>maxglu+ke
Ya, foreign nationals are allowed to export their earnings. But even Chinese citizens can also pool those $50k yearly allocations, it doesn’t take a lot of friends and family to do that.

I’m not really sure what is happening among the rich, but among the middle class, it isn’t so much money laundering but having lots of savings with no good investment options, or just wanting to make money while someone else takes on the risk. They don’t have access to money that needs laundering.

>>seanmc+Ug
> But even Chinese citizens can also pool those $50k yearly allocations, it doesn’t take a lot of friends and family to do that.

So as an observer of this, you will see money coming out of one place, spread to many accounts, wired overseas to different recipients, then re-aggregated...

What do you think that looks like...? Surely not money laundering?

>>jabban+4n
Not on Canada's end, it's a bunch of people using legal capital controls to get money into Canada. On PRC end, it's evading capital controls, which depending on your geopolitical alignment, can be illegal activity. But if you're in the west, you want that Chinese money. Free money from competitotrs as good as brain drain from competitors.

>>maxglu+sn
Capital controls have bad intentions anyways, I have no qualm with PRC citizens trying to avoid them. Not everyone in the west wants or likes Chinese money. It does lead to them basically exporting their bubble abroad, but Japan did the same in the 80s before their big bust.

>>seanmc+Pu
Yes, PRC citizens avoiding capital controls end up playing on the same field as other global wealth. I think PRC exporting their bubble is over stated - 10s of millions of tier1 buyers got into the speculation/RE game early in 90s that they'd be millionaires with wealth to enter western RE game regardless where PRC RE market stablizes. And there are just millions of millionaires in China, independant of wealth from RE bubble. Many buyers are simply independantly wealthy from other business ventures ontop of having multiple tier1 units to liquidate to buy western RE. The folks buying million+ dollar properties and 100k cars in the last few years didn't liquidate everything they have in PRC to start new life in Canada. Canada is a retirement plan they bought with change. Sure not everyone wants PRC money, but the sellers certainly do, as do the intermediates who benefits from PRC capital flight.