Opinion: Curbing money laundering requires a new approach not wedded to past failures
B.C.’s Cullen commission on money laundering is the latest to raise such concerns, arguing in its detailed report that it constitutes “a significant problem deserving of serious attention from government, law enforcement, and regulators.” Much of the recommendations of the commission focus on heightened government regulation, industry self-regulation, and criminal law enforcement.
Moreover, “There is no evidence that anti-laundering works as an effective ‘prevention’ strategy to significantly reduce the amount of organized crime or terrorism.” When a proceeds-of-crime case is heard in criminal court, there is often little left money or assets for the defendant to forfeit, either because the funds have been effectively hidden or they have been depleted through what can be referred to conservatively as “conspicuous consumption”
Cullen also criticizes Canada’s Fintrac — which processes suspicious transaction reports and produces intelligence for law enforcement and national security agencies — as being largely ineffective and recommends the creation of a financial intelligence unit specific to B.C.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
B.C. real estate firm fined $230K for anti-money laundering violationsReal estate firm Nu Stream Realty Inc. has been cited for multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Read more »
OPP laid over 1,600 charges in just nine daysPolice conducted an enforcement blitz in Northwestern Ontario.
Read more »
Watch: 1,300-hp Mercury Comet crash teaches owner lessonsYouTube channel AutotopiaLA crashes 1,300 horsepower Mercury Comet. Reader discretion is advised. — via drivingdotca autonews auto automotive carcrash vintagecar classicar trucks performancevehicle
Read more »
Watch: 1,300-hp Mercury Comet crash teaches owner lessonsYouTube channel AutotopiaLA crashes 1,300 horsepower Mercury Comet. Reader discretion is advised. — via drivingdotca autonews auto automotive carcrash vintagecar classicar trucks performancevehicle
Read more »
Watch: 1,300-hp Mercury Comet crash teaches owner lessonsYouTube channel AutotopiaLA crashes Mercury Comet going at 1,300 horsepower on 17-year-old brakes. Reader discretion is advised. — via drivingdotca autonews auto automotive carcrash vintagecar classicar trucks performancevehicle
Read more »
Watch: 1,300-hp Mercury Comet crash teaches owner lessonsYouTube channel AutotopiaLA crashes 1,300 horsepower Mercury Comet. Reader discretion is advised. — via drivingdotca autonews auto automotive carcrash vintagecar classicar trucks performancevehicle
Read more »