Canada on the spot light over money laundering

Following several reports including relevant sectors of the Canadian economy, experts are noting a common element, money laundering proliferation.

As noted in the real estate report, Canadian authorities fail to catch 99.9% of the cases of money laundering.

As a reaction, many are criticising the report’s findings in regards to the territorial impact of money laundering across Canada.

Some other believe that the report was too restrictive, as they set the figures to match the United Nations estimates in regards to global money laundering.

According to the source article, Canadas AML regime seems weak when compared to significantly similar economies and major jurisdictions in global markets.

The allegation includes examples such as the little or non information collected in regards to beneficial ownership in certain transactions and the lack of a register of beneficial owners.

FINTRAC (Canadian agency for transaction monitoring/ FIU), was requested to produce a number of consolidated data (including reports on a country-by country and province-by-province basis) to which the agency declined as it was unable to retrieve such data.

The author notes that if such shortcomings are not immediately addressed, Canada may become the preferred centre for criminals wishing to scape the transparency level which are being applied in global scale.

A similar situation may replicate at provide level if the AML requirements and registers are not applied and required at country level (the author notes).

In summary, Canada seems to have a large room for improvement regarding transparence, reporting handling and effectiveness, in order to take a lead role in the fight. against money laundering.



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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