Money laundering concerns rise in Canada

A recent study shows that suspected money laundering has risen in BC but local authorities say they didn’t receive any information.

Canada.- A recent study by the Paris-based Financial Action Task Force, a body of G7 member countries fighting money laundering, terrorist financing and threats to the international financial system, highlighted British Columbia’s money laundering activities. The report points at the province’s alleged high money laundering activity, yet the local authorities demand the report’s results.

“It is estimated that they laundered more than (€663 million) per year through an underground banking network, involving legal and illegal casinos, money value transfer services and asset procurement,” states G7’s report.

BC Attorney General David Eby revealed the study has drawn the Canadian government’s attention as they already knew the estimates, as well as the Royal Canadian Mounted Police (RCMP), but said he was startled as such information wasn’t provided to the local government.

“I’ve been startled initially by the lack of response nationally to what appeared to me to be a very profound issue in B.C. that was of national concern,” he stated and questioned: “Why am I reading about this in an international report instead of receiving the information government to government? It’s those information gaps that organised crime thrives in and we need to do a better job between our governments.”