OTTAWA—An in-depth review of Canada’s anti-money laundering efforts has uncovered serious concerns that organized crime is using the country’s hot real estate sector to illegally funnel cash.
The report from the Paris-based Financial Action Task Force makes special note of real estate as an area of the economy with a high risk of illicit activity, one of a few weak spots in what the report calls a comprehensive federal regime to combat money laundering and terrorist financing.
The charitable and life insurance industries are also identified in the report as sectors at risk of providing financial help to terrorists and criminals.
Of particular concern are real estate schemes in which a foreign or domestic criminal provides cash to a local buyer, or more sophisticated schemes where loans and mortgages are combined with lawyers’ trust accounts to move money around quietly. (more...)
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