Huge sums were deposited in Swiss bank accounts, or laundered via overseas property deals or smaller companies.
Please subscribe to the Guardian like I did. They are the last people to write these things.
In the next few days, we'll find out how much the Toronto housing market has fallen. Following the standard pattern, it will take 6 months to reach bottom. Big money like this has to be laundered. If some Brazilian typing clerk suddenly has a big house in the hills, she has to say she made it all speculating on condos in Toronto.
This was 5 billion dollars that had to be laundered. The Toronto market will fall by at least that amount, probably more if you shave off 30% from a million million-dollar properties. This money stopped at the same time the Chinese money did, when all these people were getting arrested. Also we can count on several billion in drug money. I'm waiting for another big scandal where the numbered Ontario companies helped, perhaps Mexico or Italy. :)
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