While Canada seems to be a wonderful and safe place to live, it is not void of crime and illegal activities; including money laundering that has a profound effect on the economy, causing significant changes to the housing market among others. This warrants a review of the anti-money laundering compliance programs, to identify and report suspicious activity and design more efficient policies to combat illegal money transactions.
The amount of money laundered each year in Canada is difficult to track. According to a report, an estimated $46.7 billion was laundered in Canada in 2018, but the Criminal Intelligence Service Canada says that the annual figure is estimated to be anywhere from $45 billion to $113 billion. According to financial crime specialists there is a trend of deficiencies in financial audits, as real estate related money laundering audits have decreased from 200 audits to just 53 in just two years.