OTTAWA – A coalition of organizations is urging the federal government to crack down on financial crime after Canadian banks, shell companies, and individuals were identified in a global investigation into suspicious financial activity.
The FinCEN Files investigation by the International Consortium of Investigative Journalists and BuzzFeed News found Western banks helped trillions in dirty or suspicious money flow across borders. Between 2000-2017, suspicious activity reports referenced individuals from more than 170 jurisdictions. Canada ranked 7th among countries where individuals were flagged for suspicious financial activity.
“Canada has a reputation as a safe country with a robust economy, but our weak transparency laws have made us a haven for bad actors and complicit in all sorts of illicit global activity from drug trafficking to terrorist financing,” said Sasha Caldera, beneficial ownership transparency campaign manager with Publish What You Pay Canada, one of the coalition members.
Radio-Canada’s Enquête investigated Canadian shell corporations flagged in the FinCEN files for receiving millions in suspicious transactions. Journalists traced front companies incorporated in New Brunswick and Alberta, with no legitimate business activity or beneficial owner in Canada, to Russia and alleged illicit activities ranging from insurance fraud to illegal fishing. (more...)
Coalition calls to end snow-washing and urges feds for improved transparency in wake of FinCEN Files
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