New law won’t stop Canada being used for money laundering, tax evasion, critics say
29 Mar 2017

Ottawa’s first comprehensive reform of corporate law in more than a decade will do little to prevent tax cheats and criminals from hiding their identities, say critics of a bill winding its way through parliament.

Foreigners are using Canadian corporations to “snow wash” illicit funds — as the Star revealed through the Panama Papers investigations — and they will have little impediment to continuing to move money anonymously even after Bill C-25 becomes law, financial crime experts say.

“The bill falls short of its potential to address the real risks of money laundering, terrorism financing and tax evasion,” said Denis Meunier, a former top official with the Canada Revenue Agency and FINTRAC, Ottawa’s anti-money laundering watchdog.

Count this content towards your CPD minutes, by signing up to our CPD Wallet

FREE CPD Wallet

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.