British Columbia’s money laundering situation remains controversial and details around it seem to emerge on a regular basis. The most recent development on the subject involves British Columbia’s Director of Civil Forfeiture and a house located in West Vancouver. The Director has filed a claim in B.C. Supreme Court stating that the house is linked to well-known loan shark Paul King Jin and has possibly been purchased with money laundering proceeds.
Over the past about a year, the province of British Columbia has been in the spotlight because of the discoveries across the gaming, real estate, and luxury vehicles sectors. The lax regulations of these fields have made money laundering possible, often times involving cash proceeds of criminal activity and international organized groups. Mainland China high rollers have been among the most active casino patrons across the province, often joined by the so-called loan sharks.
Paul King Jin Allegedly Used Laundered Cash
According to the most recent claim filed at the British Columbia Supreme Court, the CA$3.2-million house located in West Vancouver has been purchased with money laundering proceeds. This puts it on the radar of the Civil Forfeiture Office, as it is listed in the Civil Forfeiture Act of 2006. It prohibits people from profiting from an unlawful activity and aims to seize the proceeds of such.
In this situation, the property may have been purchased with money laundering proceeds which makes it a target of the Civil Forfeiture Office. The British Columbia Supreme Court saw the claim mentioning a familiar to the authorities name. According to the allegations, Yuanyuan Jia, the owner of the house is but a mere ‘owner of convenience’ linked to Paul King Jin, who is her uncle.
The lawsuit also includes a CA$765,000 condo in Richmond, owned once again by Mrs. Jia. In addition to that, the claim also lists a 2011 Porsche 911 and nearly CA$4.9 million in cash that have also been associated with alleged criminal operation. All of those are now eyed by the B.C. Civil Forfeiture Office.
Civil Forfeiture Office Wants to See Action
Mr. Jin has been known for his loan shark activity frequenting casino locations such as River Rock Casino in Richmond. His name has been previously mentioned in the E-Pirate probe, as he was among the moneylenders that have supposedly supplied Asian casino patrons with cash for VIP casino action.
He was allowed to continue with his moneylending practice despite existing ban prohibiting him from entering River Rock Casino. Allegations claim that solely between 2014 and 2015 he was able to wash CA$4.2 million at the casino venue. Mrs. Jia stated that the alleged loan shark has never had a connection with the two properties mentioned in the lawsuit. Furthermore, she denies the investment of criminal proceeds in the two properties’ purchase.
However, a police probe has indicated that Mr. Jin has made trips in the past between the Richmond condo and Silver International, also associated with money laundering activity. The loan shark has also been linked to illegal gambling dens in Richmond and the Director of Civil Forfeiture mentioned over CA$32 million in profits generated in 2015.
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