Real estate professionals are asking the provincial government to close large loopholes that allow the sale of homes to money launderers.
Tim Hudak, president of the Ontario Real Estate Association , said the release of the Cullen Commission into money laundering in British Columbia this week highlights the need to take action.
Other jurisdictions, including the United States and United Kingdom, have cracked down on this form of corruption that has made Canada a more appealing target, he said.Article content The provincial government has said that starting Jan. 1, Ontario corporations will be required to create and maintain a register of individuals with significant control to protect against financial crimes and tax evasion.
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