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Report reveals problem of organized crime in Canadian real estate

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Report reveals problem of organized crime in Canadian real estate

Financial Action Task Force, headquartered in Paris, released a review revealing the problem of Canada’s organized crime taking advantage of the country's hot real estate sector to illegally funnel cash, ctvnews.ca reports on Friday.


According to experts, real estate poses a high risk of illicit activity, making it harder for the federal authorities to fight money laundering and terrorist financing. Apart from real estate, charitable and life insurance industries are also the areas most frequently used for the purposes of terrorism and criminal activities’ financing.

The money laundering scheme might include handing over of cash from a buyer to a criminal or more sophisticated tricks with loans are practiced.

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