Money Laundering & Real Estate

Posted by Gagan Bilga on Wednesday, December 18th, 2013 at 10:41pm.

 

calgary_suburbs_400Money laundering in Real Estate is the process used to disguise the source of money or assets derived from criminal activity. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is an agency of the Government of Canada responsible for facilitating the detection, prevention and deterrence of money laundering, terrorist activity financing and other threats to the security of Canada. Canada's efforts have focused on the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Among other things, this law requires REALTORS® to ask their clients for certain information and to verify the identity of clients and must report large Real Estate cash transactions involving amounts of $10,000 or more received in cash. These requirements apply to REALTORS® because, often, in the course of regular real estate transactions, they act as financial intermediaries, such as when they hold deposit funds for a property transaction. Additional information is available from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) at: www.fintrac.gc.ca 

by The Gagan Bilga Team

1 Response to "Money Laundering & Real Estate "

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