Following up on the discussion we had yesterday about who might benefit from any and all laundering 'round here, Sam Cooper of Postmedia has been good enough to delve into this a little more in his latest piece:
...In a new report, the Financial Action Task Force, a Paris-based intergovernmental group that makes recommendations for fighting money laundering, said Canada has improved standards since the agency’s last evaluation in 2007. But “law enforcement results are not commensurate with the money laundering risk, and asset recovery is low."...
...A major theme of the agency’s report is that compared to other countries, Canada is at significant risk for money laundering because in 2015 Canadian lawyers won a Supreme Court case exempting them from financial reporting rules that professionals such as bankers and realtors must follow. The constitutional challenge was launched by lawyers in B.C., using client confidentiality arguments.
The agency report suggests that money laundering in real estate and services provided by lawyers, such as creating investment vehicles that can shield true ownership of property, go hand-in-hand...
Say it ain't so Sam.
Say it ain't so.