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RSS FeedsCanada´s money laundering laws filled with gaps, report says
(The Star Religion)

 
 

15 november 2018 00:16:48

 
Canada´s money laundering laws filled with gaps, report says
(The Star Religion)
 


Canada’s money laundering laws are riddled with loopholes that allow criminals, corrupt foreign politicians and terrorists to funnel dirty money into Canadian real estate, casinos and luxury goods, according to a finance committee report tabled in Parliament last week.The report highlighted a litany of dark corners of the Canadian economy at risk for money laundering, ranging from private ATMs to armoured cars, art auctions to bearer shares to cryptocurrencies, and recommended 32 changes to Canada’s anti-money laundering laws to address them. While many of the recommendations were welcomed by financial crime experts, several pointed out that the committee failed to recommend the single most popular tool to combat money laundering and tax evasion: a publicly accessible register of company owners, a measure that is rapidly becoming the international gold-standard for transparency.“It’s a disappointing omission,” said James Cohen, executive director of Transparency International Canada. “There are lots of bold recommendations that would strengthen anti-money laundering law. I’m surprised that trends in the Europe and the U.K. were cited so heavily (by witnesses) yet barely mentioned in the report.”The committee’s recommendation for a centralized registry available to law enforcement builds on a commitment, made earlier this year, for the federal and provincial governments to require all companies to keep records of their owners on hand, so they are available should authorities ever ask for them. But the recommendation remains a far cry from the centralized public registers accessible to all on the internet already available in the U.K. and soon to be mandatory across the European Union.Canada has been widely criticized for being a laggard in cracking down on money laundering and terrorist financing, so much so that there’s a term that specifically refers to laundering money here: snow washing. In Canada to ...


 
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