Canada is falling behind in the battle against money laundering
Across the globe, criminals are constantly trying to wash the stench off ill-gotten gains by moving them undetected through shell companies. In goes dirty money, out comes clean, while authorities do their best to follow the trail.
They can do this using Canadian limited partnerships, a legal business entity that is practically purpose-built for bad actors who want to move millions of dollars around the globe undetected. Canada has yet to do that. The Trudeau government said in its recent budget that it will fast-track the creation of a public beneficial owner registry, and have it in place by 2023. But it will only cover federally chartered companies, leaving it up to the provinces to sign on voluntarily. It’s a huge gap.
The court said the old law had violated client-solicitor privilege, a jealously guarded principle of fundamental justice. But the court also suggested it would be possible for Ottawa to draft a more carefully worded and fully constitutional law. Seven years later, Ottawa has yet to do that.when it comes to disclosing suspicious transactions. There is no oversight. It’s a loophole that has repeatedly been identified as an obstacle to fighting money laundering in Canada.
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