Toronto Another Possible Market Ripe with Possibilities for Money-Launderers

Vancouver has been pinpointed as a market with a real estate market bubble boosted by allegations of money-laundering and "criminal cash." Global News Canada reported that it might not be the only market powered by cash laundering in Canada, citing Toronto's much-larger, more significant market at risk of being flooded by laundered money.

The money, according to reports, totaled to $28.4 billion, which had been invested into the Greater Toronto Area housing since 2008. The money had been invested with the help of corporations. A report had been noted saying that there was 'no surprise' criminals loved living in Toronto, using their ill-gotten wealth to purchase property in the area.

However, it is really 'transnational crime syndicates' that are the targets in Canada's real estate bubble. They are behind high-risk, money laundering moves and have moved into neighborhoods such as Montreal, Vancouver, and Toronto. An analysis done by Finance Canada found this as they completed their study for an 'anti-money-laundering task force.'

Vancouver Sun reported what may be the solution to Canada's money-laundering problem--a review of the real estate sector, spearheaded by B.C. According to Attorney General David Eby, there is a very general idea of the 'criminal activity' happening in the sector. Still, the attorney general thinks that ignoring signs of activity going on may be dangerous.

The attorney general revealed that he is authorized to conduct an independent probe into these money laundering allegations. This bears similarity to investigations done earlier this year, where duffel bags full of 'dirty' cash were under surveillance and being tracked as they made their way into B.C's various casinos.

The new review will look on what sectors of economy criminals use to funnel their funds into various items, luxurious homes, and expensive cars. Eby paid particular attention to the use of trust funds, where lawyers attempt to hide the identity of the criminal benefactors behind it as they purchase property in the Canadian regions in question.

That being said, it is not known whether most of the $28 billion in purchases are all funded by a 'criminal empire.' However, it's hard to ignore the fact that at least 1.4 million--or a fraction of it--is open to criminal activities and purchases, because most of the companies involved in the transactions are privately owned.

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