28 Nov Toronto real estate is vulnerable to money laundering.
Original article via Toronto Star. Click here to read.
Toronto’s booming real estate market is vulnerable to money laundering because real estate agents aren’t notifying authorities of suspicious property transactions, leading the national anti-money laundering agency, FINTRAC, to step up its audits of the industry.
Real estate agents are required by federal law to file “suspicious transaction reports.” From 2013 to 2017, there were more than 2.5 million real estate transactions in Canada, according to the Canadian Real Estate Association. In that same five year period, real estate agents and developers made only 197 suspicious transactions reports.