Penthouse 1, at the top of the Fairmont Pacific Rim on Cordova St., is worth $28-million, making it the third most expensive condo in Vancouver. Experts say this kind of secretive ownership is a problem when it comes to tackling tax evasion and money laundering. B.C.’s high-value real estate sector is also at risk of being used for tax evasion, according to the Canada Revenue Agency. government has proposed new laws that would reveal owners of real estate in the province. Clement warned that B.C.’s registry won’t be effective unless other Canadian juridictons also follow suit, or illicit money will simply travel to provinces that have weaker rules than B.C.

Source: thestar March 10, 2019 23:30 UTC