Canada has a money laundering problem according to those polled by Angus Reid Institute.
A new survey found that 74% of respondents believe money laundering is an issue in their province and 81% say it’s an issue that needs to be addressed on a national level.
The provincial government in British Columbia conducted studies in the extent and impact of money laundering in the province and published the results earlier this year.
A report from the former BC deputy attorney general Maureen Maloney, revealed that $7.4 billion was laundered through the province in 2018, $5b of which went through the its real estate.
It concluded that money laundering led to a 5% increase in home prices in 2018.
The new Angus Reid report shows that seven-in-ten residents across the rest of the country say their own province should do the same. This sentiment is highest in Ontario (78%), Quebec (74%) and Alberta (67%). Six-in-ten nationwide (63%) also say they would support a complete ban on cash purchases over $10,000.
And 47% are dissatisfied with federal government efforts to combat money laundering. One-in-four (23%) are satisfied, while a considerable number (30%) are unaware of any efforts.
More market update: