11 Oct 2016
Canada “faces an important domestic and foreign money laundering threat” from criminal organizations that launder billions of dollars in this country.
The stiff warning comes from the Financial Action Task Force (FATF), which also sounds an alarm about the threat against “major financial institutions and some unscrupulous real estate lawyers” targeted by criminals involved in laundering money.
Canadian authorities should not ignore this warning, which comes from an organization set up by the G7 countries in 1989 to promote policies aimed at protecting the global financial system against money laundering and terrorist financing.
While Canada has devoted a lot of energy to fighting terrorist financing, FATF cautions that not enough has been done to prevent the infiltration of criminals into our country, even though the latter poses bigger economic and social threats than the former.
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