Canada

Canada’s Federal Anti-Money Laundering Resources Are Unreliable: BC Public Inquiry

All flash and no (illicit) cash. That was the key takeaway from the Cullen Commission‘s final report looking at BC’s money laundering problem. Despite Canada talking a big game on anti-money laundering, its policies are ineffective. The Commission condemned federal anti-money laundering resources, and found Canada ignored the province’s calls for help. Austin Cullen, who […]

Canada

Canada Fined A Chinese State-Owned Bank For Anti-Money Laundering Non-Compliance

Canada just fined the world’s largest bank for not following anti-money laundering rules. A local subsidiary of the Industrial and Commercial Bank of China (ICBC) paid over $700k in penalties last year. Despite only being fined weeks ago, FINTRAC, Canada’s financial intelligence unit, found the problems during a routine audit in 2019. The regulatory body […]

Canada

Canada Is Seen As More Corrupt As Money Laundering Estimates Hit $113 Billion

Canada’s squeaky clean reputation took a nosedive, according to an anti-corruption watchdog. This week, Transparency International (TI) released its annual Corruption Perceptions Index for 2021. The index shows Canada continues its spiral lower, having fallen out of the top 10 in 2019. Extensive money laundering and opaque institutions are amongst the reasons for the decline. […]

Top Stories

This Week’s Top Stories: Canada’s Real Estate Price and Income Gap Widens, and The Rich Use Homes To Reduce Taxes

Time for your cheat sheet on this week’s most important stories.  Canadian Real Estate Canada’s Gap Between Real Estate Prices And Incomes Looks Ridiculous Beside US Data Canadian real estate price growth has far outpaced incomes, but it’s getting comically large. Canadian home prices have advanced 64% faster than disposable income from 2005 to Q2 […]