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Organized crime, money laundering, and the real estate market in Canada

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  • Stephen Schneider

Abstract

This article examines how the financial proceeds of organized criminal activity are laundered through the Canadian real estate market. The source of data for this study was cases from the Royal Canadian Mounted Police. Real estate has many attributes that make it an attractive destination for criminal proceeds. It provides a home in which the offender can live and is often used for the cultivation of marijuana. As a money laundering vehicle, a host of mechanisms commonly used with real estate transactions can frustrate efforts to unearth the criminal source of funds, such as nominees, fake mortgages, solicitor--client privilege, and legal trust accounts. There is some potential that money laundering through real estate can distort fair market values by contributing to inflated real estate prices, but this is unlikely given the fact that the volume of criminal proceeds invested in the real estate market is just a tiny fraction of overall investments and transactions on an annual basis.

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  • Stephen Schneider, 2004. "Organized crime, money laundering, and the real estate market in Canada," Journal of Property Research, Taylor & Francis Journals, vol. 21(2), pages 99-118, November.
    • Handle: RePEc:taf:jpropr:v:21:y:2004:i:2:p:99-118
    DOI: 10.1080/0959991042000328801
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    1. Arkadipta Ghosh & Sean Orzol & Stacy Dale & Jessica Laird & Ning Fu & Pragya Singh & Min-Young Kim & Amanda Markovitz & Kaylyn Swankoski & Nancy Duda & Rachel Machta & Carol Urato & Mariel Finucane & , "undated". "Independent Evaluation of Comprehensive Primary Care Plus (CPC+) Second Annual Report: Appendices to the Supplemental Volume," Mathematica Policy Research Reports b1a34698da70445fb2d655f50, Mathematica Policy Research.
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    Cited by:

    1. Riccardo Novaro & Massimiliano Piacenza & Gilberto Turati, 2022. "Does money laundering inflate residential house prices? Evidence from the Italian provincial markets," Kyklos, Wiley Blackwell, vol. 75(4), pages 672-691, November.
    2. Michele Battisti & Giovanni Bernardo & Andrea Mario Lavezzi & Giuseppe Maggio, 2022. "Shooting down the price: Evidence from Mafia homicides and housing prices," Papers in Regional Science, Wiley Blackwell, vol. 101(3), pages 659-683, June.
    3. Patricia Torres Serpel & Amir Shachmurove, 2005. "Appropriate Measures to Use Money Laundering Prevention as an Antidote to Tax Evasion," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 10(2), pages 57-75, Summer.
    4. Donato Masciandaro & Raffaella Barone, 2023. "Environmental Crime Revenues, Corruption And Money Laundering: The Role Of The Real-Estate," BAFFI CAREFIN Working Papers 23211, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.

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