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Is Money Laundering the Darker Side to the Real Estate Market



Real Estate Sales In September

Investing in real estate could be one of the most common things that anybody can think of. But this statement is quite true in the criminal world as well. Considering that crime organization need places to stay, plan, create cells and work in an organized way. We can only assume that they would need a physical space to exist and do all of this.

Not only does buying real estate provide for a roof over your head but is also good for carrying out things under the hood. That otherwise would be deemed as illegal in broad day light.

Additionally, there are other things and factors that can help with criminals getting away without institutions being able to convict them legally. Some factors that could allow this are as follows:

Not to mention that laundering money through the real estate market could inflate the values and well can result in further profits for the criminal organizations.


Although the fraction of the above might be true or even looked up criminal would not go about buying real estate with the intention to manipulate the market.

Canada’s new Transaction Reporting Regime:

Given the new mandatory transaction reporting regime in Canada, it is inevitable that these money laundering techniques will increase in the future in order to circumvent the filing of large suspicious transaction reports by the real-estate professionals. One should also anticipate an increase in efforts by criminal organizations to corrupt real estate professionals, in order to by-pass or manipulate the transaction reporting requirements. Despite its reach into the country’s numerous economic sectors, there is little evidence that money laundering, in and of itself, has any substantial negative repercussions for the real estate industry or the Canadian economy as a whole.


However, there is no ample amount of data that could securely back all of this up. Not to mention that things would be looking a lot different if you were to look at the bigger picture. Believe me there are some highlighting the positive effects of money laundering.

Advantages of Money Laundering to the Common Man:


An argument could also be made that money laundering has net benefits for society, in that it involves investing funds from the underground economy into the legitimate economy, which can then be used for economically productive ventures (such as new home construction). In addition to stimulating economic activity and growth, once the funds are invested into the legitimate economy, any subsequent purchase or revenue generated is taxed (which is not the case for transactions in the illicit economy).


There still too much information hiding under the dark abyss of the underworld. I mean they are not going to come out with there techniques and the ways that they are actually laundering money, not to mention the amount of money that is being laundered through these means is quite different as well. We can only say one thing for sure that this is something that is happening in Canada and the authorities should be well informed about it so to not let the legitimate tax payer’s money got to waste.

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Canada’s manufacturers ask for federal help as Montreal dockworkers stage partial-strike



MONTREAL (Reuters) – Canada‘s manufacturers on Monday asked the federal government to curb a brewing labor dispute after dockworkers at the country’s second largest port said they will work less this week.

Unionized dockworkers, who are in talks for a new contract since 2018, will hold a partial strike starting Tuesday, by refusing all overtime outside of their normal day shifts, along with weekend work, they said in a statement on Monday.

The Canadian Union of Public Employees (CUPE) Quebec’s 1,125 longshore workers at the Port of Montreal rejected a March offer from the Maritime Employers Association.

The uncertainty caused by the labour dispute has led to an 11% drop in March container volume at the Montreal port on an annual basis, even as other eastern ports in North America made gains, the Maritime Employers Association said.

The move will cause delays in a 24-hour industry, the association said.

“Some manufacturers have had to redirect their containers to the Port of Halifax, incurring millions in additional costs every week,” said Dennis Darby, chief executive of the Canadian Manufacturers and Exporters (CME).

While the government strongly believes a negotiated agreement is the best option for all parties, “we are actively examining all options as the situation evolves,” a spokesman for Federal Labor Minister Filomena Tassi said.

Last summer’s stoppage of work cost wholesalers C$600 million ($478 million) in sales over a two-month period, Statistics Canada estimates.

($1 = 1.2563 Canadian dollars)


(Reporting By Allison Lampert in Montreal. Additional reporting by Julie Gordon in Ottawa; Editing by Marguerita Choy)

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Canada scraps export permits for drone technology to Turkey, complains to Ankara



OTTAWA (Reuters) –Canada on Monday scrapped export permits for drone technology to Turkey after concluding that the equipment had been used by Azeri forces fighting Armenia in the enclave of Nagorno-Karabakh, Foreign Minister Marc Garneau said.

Turkey, which like Canada is a member of NATO, is a key ally of Azerbaijan, whose forces gained territory in the enclave after six weeks of fighting.

“This use was not consistent with Canadian foreign policy, nor end-use assurances given by Turkey,” Garneau said in a statement, adding he had raised his concerns with Turkish Foreign Minister Mevlut Cavusoglu earlier in the day.

Ottawa suspended the permits last October so it could review allegations that Azeri drones used in the conflict had been equipped with imaging and targeting systems made by L3Harris Wescam, the Canada-based unit of L3Harris Technologies Inc.

In a statement, the Turkish Embassy in Ottawa said: “We expect our NATO allies to avoid unconstructive steps that will negatively affect our bilateral relations and undermine alliance solidarity.”

Earlier on Monday, Turkey said Cavusoglu had urged Canada to review the defense industry restrictions.

The parts under embargo include camera systems for Baykar armed drones. Export licenses were suspended in 2019 during Turkish military activities in Syria. Restrictions were then eased, but reimposed during the Nagorno-Karabakh conflict.

Turkey’s military exports to Azerbaijan jumped sixfold last year. Sales of drones and other military equipment rose to $77 million in September alone before fighting broke out in the Nagorno-Karabakh region, data showed.

(Reporting by David Ljunggren in Ottawa and Tuvan Gumrukcu in Ankara; Writing by Daren Butler; Editing by Gareth Jones and Peter Cooney)

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Investigation finds Suncor’s Colorado refinery meets environmental permits



By Liz Hampton

DENVER (Reuters) – A Colorado refinery owned by Canadian firm Suncor Energy Inc meets required environmental permits and is adequately funded, according to an investigation released on Monday into a series of emissions violations at the facility between 2017 and 2019.

The 98,000 barrel-per-day (bpd) refinery in the Denver suburb of Commerce City, Colorado, reached a $9-million settlement with the Colorado Department of Public Health and Environment (CDPHE) March 2020 to resolve air pollution violations that occurred since 2017. That settlement also addressed an incident in December 2019 that released refinery materials onto a nearby school.

As part of the settlement, Suncor was required to use a third party to conduct an independent investigation into the violations and spend up to $5 million to implement recommendations from the investigation.

Consulting firm Kearney’s investigation found the facility met environmental permit requirements, but also pinpointed areas for improvement, including personnel training and systems upgrades, some of which was already underway.

“We need to improve our performance and improve the trust people have in us,” Donald Austin, vice president of the Commerce City refinery said in an interview, adding that the refinery had already undertaken some of the recommendations from the investigation.

In mid-April, Suncor will begin a turnaround at the facility that includes an upgrade to a gasoline-producing fluid catalytic cracking unit (FCCU) at Plant 1 of the facility. That turnaround is anticipated to be complete in June 2021.

Suncor last year completed a similar upgrade of an automatic shutdown system for the FCCU at the refinery’s Plant 2.

By 2023, the company will also install an additional control unit, upgraded instrumentation, automated shutdown valves and new hydraulic pressure units in Plant 2.

Together, those upgrades will cost approximately $12 million, of which roughly $10 million is dedicated to Plant 2 upgrades, Suncor said on Monday.


(Reporting by Liz Hampton; Editing by Marguerita Choy)

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