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Chinese citizens cannot legally transfer more than $50,000 (U.S.) a year out of China without government permission.
Chinese citizens cannot legally transfer more than $50,000 (U.S.) a year out of China without government permission.
(Tomohiro Ohsumi/Bloomberg)

‘Suspicious transactions’ reported by B.C. banks tied mostly to China

Vancouver-area banks reported suspicious transactions involving Mainland Chinese clients 17 times more often than those tied to citizens of any other outside country in recent years.

Financial institutions are required to make the reports to FinTRAC, the federal intelligence unit that monitors money laundering and people who finance terrorist groups. It is unclear if any Canadian laws were broken in the Vancouver-area cases. One expert says it is likely the statistics are evidence of more money entering Vancouver’s hot housing market.