Money laundering canada 2019: The Money Laundering problem in Canada

Yet, more than decade and a half after implementation of these laws, money laundering remains a major issue in Canada. Of late, a series of media reports and investigation have revealed the magnitude of this phenomenon in the country. Investigations showed that illegal money boosted real estate, car sales and casino income, as well as parts of the legal and financial sector involved in helping launder the cash. For example, recent investigations into Canadian money laundering include two reports by former Royal Canadian Mounted Police (RCMP) Deputy Commissioner Peter German on money laundering in casinos, real estate, luxury vehicle sales, and horse racing in British Columbia (one released on 31 March, 2018 and the other on 31 March 2019); an expert panel report led by Simon Fraser University professor Maureen Maloney on money laundering in real estate in British Columbia (released on 31 March, 2019); a House of Commons Standing Committee on Finance report on money laundering and terrorist financing in Canada (adopted on 6 November, 2018); and several reports by civil society organisations, including Transparency International Canada, Canadians for Tax Fairness, and Publish What You Pay Canada (PWYP). The PWYP report focused on opacity in beneficial ownership in Canada.

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