Montreal, Canada| AFRICAN ARGUMENTS| A new African Arguments investigation has found that politically-exposed African nationals hold Canadian real estate worth several millions of dollars.
The study, conducted in partnership with the Journal de Montréal and Le Monde Afrique, reveals over a dozen individuals who have invested nearly $26 million in Canadian real estate, often without a mortgage.
The source of the funds used to buy these properties could be legitimate. But the sales should have raised red flags because of the public positions of the individuals involved or because of their association with deals that have raised suspicion.
Buying bricks and mortar abroad has long been a strategy of the rich to diversify their assets.
Typically, the likes of France, US and UK have been the go-to places to buy up expensive property. Not all of it uses clean money. In 2016, a UK parliamentary committee estimated that a shocking $150 billion is laundered in London’s real estate market every year. But in recent years, luxurious flats owned by families of African leaders have been seized in each of these countries.
— African Arguments (@africaarguments) June 3, 2017