06Jun

O Canada – What Are You Going to Do About Money Laundering?

On: June 06, 2019

The State Department is hardly the only party to have noticed the massive money-laundering going on in the country. A new report by Canada’s respect  C.D. Howe policy institute says that Canada “fails to catch money launderers 99.9 percent of the time,” while a report by the government of British Columbia says that dirty money alone  drove up the cost of housing in the province by 5% in 2018. Meanwhile, a German report says that money-launderers are using illicit funds to pay cash for luxury vehicles, which are then transported overseas with no taxes or duties paid. The reports have prompted many at all levels of government  to call for tougher AML laws, but it may be some time before those can be legislated, experts say.

Read the full article here: http://www.bankingexchange.com/bsa-aml/item/7920-o-canada-what-are-you-going-to-do-about-money-laundering

 

 

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