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<\/a><\/p>\nPhoto: Omer Wazir\/Flickr\u00a0<\/a><\/em><\/p>\n Where in the world is the next safe haven for money launderers?<\/p>\n Unless the country\u2019s federal government takes action, it could be Canada \u2014 in no small part because of the potential for homebuyers to purchase property anonymously \u2014 the Canadian chapter of the non-governmental agency Transparency International suggests.<\/p>\n \u201cIn Canada, more rigorous identity checks are done for individuals getting library cards than for those setting up companies,\u201d said Paul LaLonde, TI Canada\u2019s president and chair, in a statement.<\/p>\n Those looking to launder money can set up a shell company or trust (a legal arrangement where someone manages an asset such as property on behalf of others). Then, the actual owner, called a beneficial owner, can use one of these channels to purchase a Canadian home without exposing their identity, according to No Reason to Hide<\/a>, the organization\u2019s new report.<\/p>\n Law enforcement agencies can try to obtain info on the beneficial owner through a court order, but this might lead to the owner becoming wise to an investigation, the report notes, giving them time to cover their tracks.<\/p>\n TI Canada looked into land title records to explore who owns the 100 most-valuable homes in Vancouver, earlier this year named the world\u2019s best performing luxury housing market<\/a>.<\/p>\n The organization found 46 per cent of these upscale properties \u2014 together amounting to more than $1 billion in assets \u2014 were held in ways that mask beneficial owners.<\/p>\n In particular, shell companies held 29 luxury homes. Meantime, nominees appointed by the beneficial owner and trusts laid claim to 11 and 6 homes, respectively.<\/p>\n