Friday, October 16, 2015

Canada’s senior public officials targeted by little-known corruption law

Follow the money
Canada is preparing to embark on a far-reaching program of financial surveillance of senior public officeholders, from Prime Minister Stephen Harper, Governor-General David Johnston and Supreme Court Chief Justice Beverley McLachlin down to thousands of elected politicians and senior bureaucrats.

Many who will be affected by the program are unaware of what is coming. One who is aware, retired Supreme Court justice Louise Arbour, is stunned by its reach to her children.

In a little-known law that Parliament has already passed, these officeholders are known as “politically exposed persons” and deemed at risk of being involved in corruption, money laundering and the financing of terrorism. Financial institutions, from banks and insurance companies to investment dealers and real estate brokers, will be required to keep special tabs on them. And not only them, but on their children, other family members and “close associates.”

The law, part of a Conservative budget omnibus bill last year, has not taken effect yet. It awaits cabinet approval of regulations that will set out its precise scope.  (more...)

Wanna follow the money?

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