Canada: Money laundering via real estate scrutinised
12 Jan 2017

Canada’s oversight body for suspicious financial activity is calling for heightened vigilance to detect money laundering via real estate. Recent guidance from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) sets out 39 indicators that should prompt parties involved in facilitating real estate deals to contemplate purchasers’ or vendors’ motives.

“FINTRAC, through its compliance examinations, has observed deficiencies in most aspects of the real estate sector’s compliance programs that render it more vulnerable of being used by criminals to launder illicit funds,” states a briefing document released in November 2016. “Although illicit funds seem to be laundered primarily through residential homes, corporate properties also play a role.”

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