Globe and Mail | Canada is falling behind in the battle against money laundering
In the below article from Globe and Mail, it mentions how across the globe, criminals are constantly trying to wash the stench off ill-gotten gains by moving them undetected through shell companies. In goes dirty money, outcomes clean, while authorities do their best to follow the trail.
Every country in the world has a money-laundering problem. Canada, though, appears to have a particular one. While other developed nations, such as the United Kingdom, have been making it harder for criminals to hide from the law, Canada has failed to keep up such that consultants who help people stash suspicious cash are now touting Canada as a great alternative.
A recent report from Transparency International Canada documents how consultants are selling Canada as a “secrecy jurisdiction” for those who want to “conceal ultimate ownership and leverage Canada’s strong reputation to access the global financial system.” It’s a practice that has been dubbed “snow-washing.”....
