Canada’s newfound reputation as a money laundering hub hasn’t motivated much action. FINTRAC, Canada’s anti-money laundering watchdog, announced only administrative monetary penalties for real estate firms in 2024. All of the firms were located in Toronto and Vancouver, and appear to be entirely over minor compliance issues. Considering the agency took up to 3 years to fine real estate firms over minor filing infractions, the agency doesn’t seem to be motivated to actually crack down.
