HIDDEN OWNERSHIP LOOPHOLES MAKE CANADA A “PAWN IN GLOBAL GAME OF MONEY LAUNDERING”, REPORT SAYS

Global News in Canada on 6th September carried an article about a report from the C.D. Howe Institute, and author Denis Meunier — a former deputy director with Canada’s AML agency — that says that official estimates of the amount of money laundered in Canada each year range from $5 billion to $100 billion.  Money is said to be placed in Canadian real estate and businesses, the report says, because those involved do not have to be identified as owners of shell companies and legal trusts.  In its 2018 budget, British Columbia’s government promised to establish a publicly accessible registry that will identify true owners of real estate, but other provinces across Canada have yet to act.

https://globalnews.ca/news/4430806/canada-money-laundering-cd-howe-report/

The report and a summary are available at –

https://www.cdhowe.org/public-policy-research/hidden-beneficial-ownership-and-control-canada-pawn-global-game-money-laundering

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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