Russians could evade Canada sanctions by laundering money, agency warns
by sifting through a steady stream of transaction data from banks, insurance companies, securities dealers, money service businesses, real estate brokers, casinos and others.1:21Canada has sanctioned hundreds of Russian individuals and organizations over Moscow’s 2022 invasion of Ukraine, prohibiting financial dealings linked to Canada.
“Such structures include shell and front companies designed to obscure ownership, sources of funds and the countries involved in the financial transactions.” These shell companies, often registered to addresses in offshore financial centres or tax havens, might have minimal or no online presence, Fintrac says.
“Entities may have corporate names that are overly generic, non-descriptive or easily mistaken with that of a better-known corporate entity. Additionally, the corporate name may be regularly misspelled in different ways.”Fintrac says other possible characteristics of suspicious transactions include:
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