Finance:Money laundering in Canada
Money laundering in Canada is a problem described by professionals in 2019 as a "national crisis," and which has attracted international attention.[1] As of July 2022, a public inquiry is currently being held to gauge the extent of the problem.[2]
Economic impact
Canadian intelligence estimates that between $45 and $113 billion of funds are laundered annually.[3]
Housing
Canadian housing is a frequently used tool for money laundering that often involves organized crime, according to Criminal Intelligence Service Canada, one of the country's intelligence agencies. Canada is uniquely targeted due to a lack of beneficial ownership, meaning the true owner of property is never collected by authorities.{{citation needed|date=September 2023}
Luxury vehicles
Snow washing
Snow washing is the process of routing illegal activity through Canada to capitalize on its reputation as a “boring” and safe place.[4]
The Vancouver Model
The Vancouver Model is the name anti-money laundering experts gave to a unique model observed in Vancouver, Canada.[5] It involves taking illicit cash earned through crime to a casino (often a VIP room), and gambling some of the proceeds. The chips are then cashed out of the casino as clean cash. To further obfuscate the funds in a money laundering process known as layering, the funds are then used to buy assets such as real estate.[6]
References
- ↑ "Money laundering is a national crisis. What now?" (in en). https://www.cpacanada.ca/en/news/pivot-magazine/2019-07-03-jose-hernandez-money-laundering.
- ↑ Kane, Laura (2020-02-24). "Money laundering in B.C.: Public inquiry begins in Vancouver" (in en). https://www.ctvnews.ca/vancouver/article/money-laundering-in-bc-public-inquiry-begins-in-vancouver/.
- ↑ "As Canada's home prices soared during COVID-19, real-estate money laundering audits fell 64% | Globalnews.ca" (in en-US). https://globalnews.ca/news/8585741/canada-home-prices-skyrocket-covid-19-real-estate-money-laundering-audits/.
- ↑ "Canada is the world's newest tax haven | Toronto Star". https://projects.thestar.com/panama-papers/canada-is-the-worlds-newest-tax-haven/.
- ↑ "How Chinese gangs are laundering drug money through Vancouver real estate | Globalnews.ca" (in en-US). https://globalnews.ca/news/4149818/vancouver-cautionary-tale-money-laundering-drugs/.
- ↑ "How criminals used Canada's casinos to launder millions" (in en). 2018-10-15. http://www.theguardian.com/world/2018/oct/15/canada-money-laundering-casino-vancouver-model.
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