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Tips for agents on identifying money laundering

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Justin da Rosa | 21 Nov 2016, 08:15 AM Agree 0
FINTRAC releases comprehensive guide for identifying and reporting instances of money laundering related to real estate
  • Dave Lowe | 21 Nov 2016, 02:07 PM Agree 0
    Ok - let's see if we can wade through this. The nearly 24 million financial transactions reported in 2015 resulted in 700 or so compliance investigations, from which 22 sanctions arose. I'm no financial wizard, but my I-phone says that is .0000000092 per cent sanction-able, non-compliance incidents per transaction.
    The one biggie mentioned in the article was for a 'federally regulated financial institution' which sounds like code for 'Bank" - it sure ain't a real-estate Broker.
    So while the industry runs around with its hair on fire, in fear of these tax-collectors (and lets face it - FINTRAC hasn't caught many terrorists but it has caught a few tax evaders), just how much better a compliance rate than 99.999999908% does the CCRA honestly expect us to achieve?

    Years back, I asked a FINTRAC rep how terrorists FINTRAC had snared, and was told that the information was 'classified'. I then asked if it was more than 'one'? Guess that earth-shaking info is classified too, 'cause I'm still waiting for the answer
  • Maxy | 22 Nov 2016, 01:32 AM Agree 0
    Great read. interpretation of data is always embellished to back the opinion held or conclusion desired by the "statistician". Talking about classification of information, do not be surprised that if you ask Prime Minister's office for the name of our Prime Minister, the answer you may get will be - "the information is classified", period.
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