News Analysis Canada’s inability to impose legal consequences on money launderers frustrates experts who say the authorities can and must do more to fix the shortfalls in federal financial crime law. In early 2021, a lengthy investigation by authorities in B.C. recommended eight charges against Paul King Jin of Richmond, B.C., over money-laundering offences. The…
‘Money Mules’: Foreign Students Tied to Money Laundering in Canada, Says FINTRAC Report
Some international students are implicated in money laundering activities for organized criminal networks operating in Canada, according to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which named students from China and Hong Kong. According to a May 2022 report from FINTRAC, underground banking—informal value transfer systems (IVTS) that help parties in different jurisdictions…
Budget’s Plans for Financial Crimes Agency Prompts Concerns Over Impact on Crowdfunding
Some are welcoming the new law enforcement agency announced in Budget 2022 to help tackle Canada’s significant money laundering problem, while also expressing concern over its potential use to block crowdfunding for certain efforts if adequate safeguards aren’t in place—as they say occurred for the convoy protests against COVID-19 mandates. The federal budget proposed providing…
Banks Have Started Freezing Accounts of Some Involved in Protests, Canada’s Deputy PM Says
The RCMP have started sharing names of individuals and corporations, as well as their cryptocurrency wallets, with financial institutions to freeze the accounts of some people involved with convoy blockades and protests, federal ministers say. Deputy Prime Minister Chrystia Freeland told reporters in a press conference on Feb. 17 that information is now being shared by law…
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