Federal Watchdog Unable To Reliably Estimate Scope Of Canada’s Money-Laundering Problem: Report

No Comment 13 Views

Canada has no idea how much dirty money local gangsters, violent drug cartels and sophisticated transnational gambling networks are washing within its borders every year, according to a confidential draft research paper from the country’s money-laundering watchdog.

The report, titled Estimating Scale of Money Laundering in Canada, prepared by the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC), set out to identify the best way of defining the contours of the problem. Ultimately, the report could not settle on a single solution, with estimates ranging from $5-billion to $40-billion.

That’s very troubling, according to experts, because as long as the federal government is without running estimates for how much is being laundered, it won’t know how effective authorities are at stopping this sophisticated crime.

The draft research brief was created some time between January, 2015, and May, 2016, and released through freedom-of-information laws to Ottawa-based researcher Ken Rubin, who recently shared it with The Globe and Mail.

Read the original article here: theglobeandmail.com

Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.

Share This Page
Industry Webinars
FEATURED Solutions