Canada needs to do more to curb money laundering, U.S. report says GlobeBC
Canada was one of the world’s major money-laundering jurisdictions last year and, while the country has adequate intelligence on how this dirty money is being washed, more work is needed on the way this sophisticated crime is investigated and prosecuted, according to a recent U.S. State Department report.
Much of this dirty money likely comes from the illicit drug trade, as the report also labelled Canada one of the globe’s three dozen countries that are “major sources of precursor or essential chemicals used in the production of illicit narcotics," along with others such as Brazil, China, Colombia, India, Indonesia, Mexico and Britain. In its report, the State Department analyzed the money-laundering threats in Canada and roughly 80 other countries around the world.
“The government should take steps to increase enforcement and prosecution,” the report stated. “As noted by international experts, when the magnitude of the identified money laundering risks are taken into account, Canada’s money laundering conviction rate appears to be low.”
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