Articles Tagged with Canada

C4D2A548-214B-41B2-8A08-026ECC3BD4F5-300x200Canada’s weak money-laundering laws, especially when it comes to real estate monitoring,  has left areas like British Columbia vulnerable as an attractive place to store ill-gotten cash. The main way this works is through buying real estate with little to no information to verify the identity of those involved in the purchasing. In 2018 alone, $5 billion was laundered through real estate in British Columbia.

Many proprietors of ill-gotten funds will often attempt to hide them by first mixing them with legitimate proceeds. This can include something like a business they operate. They then will transfer these funds into a bank, which are limited in how much information they can gather about the client’s day-to-day transactions. Finally, these funds are funneled into shell companies, or companies known to only be made for financial juggling, and then in some cases use those companies to buy up real estate in tax havens that will allow for tax breaks as well as the anonymity they require.

For these launderers, houses, condominium floors, and mansions can all act as a sort of bank account. While it may not be physically active money, they are assists in the form of bricks-and-mortars that keep their finances safe and sound. This system usually leaves a good portion of vacant properties, which naturally causes real estate prices to rise.

prescription drugsWith the increased frustration regarding inflated prescription drug prices, states like Florida are pushing for legislative programs that would permit the United States to import drugs from Canada. If this bill were to pass, it would allow many of the identical prescription drugs consumed by Americans to be purchased for a third of the price. However, this is not the first time a bill of this nature has been attempted.

In Utah, a similar bill that would have allowed the state to import prescription drugs from Canada was eventually turned down after lawmakers spent two-years developing the legislation. However, representatives in the state of Utah have not given up and claim that they will try a variation of the bill again next year. Leading the original legislation, as well as the upcoming bill is Republican Representative Norman Thurston.

However, the state of Florida is the next in the line to attempt to pass a similar version of this bill, which would permit the importation of prescription drugs for both Medicaid and prisoners. If passed, an additional program of the legislation would also allow the importation of these products for residents of the state.