Canadian Real Estate Continues to Attract Dirty Money, Federal Agency Says

Canada’s real estate market is an attractive one for those looking to launder money, according to the country’s financial intelligence agency. “Canadian real estate is considered to be attractive both as a destination for laundered funds and as a channel to launder the proceeds of crime,” says an operational alert issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). “Professionals in the real estate sector can wittingly or unwittingly facilitate tax evasion and money laundering methods,” said the alert, as first reported by Blacklock’s Reporter. The alert, which was issued in partnership with the Canada Revenue Agency, says tax evasion is another growing concern in the industry....