Money Laundering Runs Rampant On Canadian Border

No Comment 28 Views

Law enforcement officials are seeing a rise in money laundering cases in Canada, and some say the country isn’t doing enough to clamp down on the criminal activity.

In fact, when British Columbia’s Attorney General David Eby was briefed by law enforcement officials last year on alleged money laundering in his province, the scale of activity “blew my mind,” Eby said, according to The Wall Street Journal. Eby added that he was embarrassed to learn that Australian authorities had even dubbed a common tactic carried out by Chinese gangs, where illicit money is processed through casinos, as “the Vancouver method.”

Canada’s financial intelligence agency, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), recently revealed to lawmakers that more than two-thirds of Canadian banks that it looked into had “significant levels” of noncompliance when it comes to anti-money laundering (AML) rules. The Royal Canadian Mounted Police estimated in 2011, which is the most recent year for available data, that between $5 billion and $15 billion CAD ($3.8 billion to $11.5 billion USD) is laundered in the country every year.

Read the original article here: pymnts.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
Learn About RDC