Featured Canada

Facebook’s Libra gets stark warning from G-7 finance chiefs

AP — Finance chiefs from the Group of Seven rich democracies issued a stark warning on Thursday that cryptocurrencies like the Libra digital money recently unveiled by Facebook should not be allowed before “serious regulatory and systemic concerns” are addressed. France, which this year chairs the G-7 gatherings on topics… Read More

Canadian police nab nine suspected members of powerful Mafia clan

Canadian police on Thursday said they had arrested nine suspected members of a powerful Mafia clan with roots in southern Italy involved in money laundering and illegal gambling in the Toronto area, seizing C$35 million ($26.8 million) in assets, including five Ferraris. Over three days, police raided 48 cafes, businesses… Read More

Ottawa amends law to improve money-laundering prosecutions, more recommendations await implementation

Criminal Code amendments to make it easier to prove money laundering are now in force in Canada. The change to the Criminal Code offence of money laundering adds recklessness, a change that became law at the end of June. This amendment criminalizes the activity of moving money… Read More
9th July 2019
A former RCMP organized crime and money laundering investigator says that fraud is a fast-growing business for gangsters that have realized Canada’s justice system is vulnerable to scams that net criminal proceeds estimated at up to $6 billion annually. And, like drug-trafficking proceeds, these funds are laundered into… Read More
24th June 2019
AP — The Trump administration and Canada’s government imposed sanctions Friday on some Nicaraguan officials, tying them to a tough crackdown on street demonstrations that began in the Central American country in April 2018. The U.S. said it was sanctioning four officials: National Assembly President Gustavo Porras, telecommunications institute director… Read More
21st June 2019
The U.S. Department of Justice on Thursday announced criminal charges accusing four former executives of the Canadian payment processor PacNet Services Ltd of running an international mail fraud scheme that cheated U.S. victims out of tens of millions of dollars a year. PacNet’s founder Rosanne Day, 51, and her colleagues… Read More
17th June 2019
The government of Canada has agreed to take new steps to fight money laundering, including launching a consultation on corporate transparency requirements and allocating more funding for law enforcement. The measures, announced in Vancouver on Thursday, will direct an additional $10 million CAD for the Royal Canadian Mounted Police… Read More
6th June 2019
By Helen Chan, Reuters Graft scandals, and the political, economic and legal fallout associated with them, have become public enemy number one. Efforts to fight corruption and punish corrupt individuals and businesses are at the top of the agenda for many regulators and government around the world. Mere association with… Read More
5th June 2019
The U.S. Securities and Exchange Commission sued social media company Kik Interactive Inc on Tuesday, alleging it conducted an illegal $100 million securities offering of digital tokens in 2017. The move sets up what could be a high-profile legal fight over the U.S. government’s treatment of cryptocurrencies. Kik, which provides… Read More
31st May 2019
The government of British Columbia has asked public colleges and universities and private post-secondary schools to bar large cash payments from students as part of a broad crackdown on money laundering in the Canadian province. A recent report commissioned by the government found that students had paid thousands of dollars… Read More
20th May 2019
British Columbia’s recently announced probe into suspected money laundering has drawn promises of cooperation from federal officials along with new questions for other provinces. On Wednesday, British Columbia (BC) Premier John Horgan announced that his government would conduct a public inquiry into the “extent, growth, evolution and methods of money… Read More
13th May 2019
Criminals had placed an estimated $7 billion CAD in real estate in the Canadian province of British Columbia (BC) as of last year, according to a report published Thursday. The sum made up nearly five percent of the total property-related transactions in the province and accounted for an approximate 5-percent… Read More
3rd April 2019
The government of Canada’s British Columbia introduced legislation Tuesday that would require corporations, trusts and other legal entities to name the true owners of real estate they currently own or are in the process of buying. If implemented, the Landowner Transparency Act would create the country’s first public registry of… Read More