Money Laundering

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The Underground Economy Is Eroding the Integrity of Our Tax System

How is it that everyone seems to know someone who's paid under the table, but no one concedes to doing it? Of course, that's no surprise. Who wants to admit to putting personal gain ahead of the greater good? It costs jobs, undermines businesses that play by the rules, and deprives the government of much needed revenue for vital programs. Statistics Canada says the underground economy totalled $42.4 billion in 2012, roughly 2.3 per cent of gross domestic product, much of it occurring in the construction, finance and real estate, retail and hospitality industries.
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How To Launder Money Like a Chinese Billionaire

In China, crooks don't have to go to the casino because intermediaries called "junkets" will swap Yuan for gambling chips that can be cashed into Hong Kong or Macao currency at the casino then wired by Hong Kong banks to tax havens or accomplices offshore. The goal is to buy a condo or luxury goods with funds from a trust managed by a shell company in Grand Cayman, owned by another trust in Guernsey with an account in Luxembourg managed by a Swiss banker who doesn't know who the owner is.
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The Problem With Tax Havens

A tax haven (or "fiscal paradise" in french) seems like a benign, if rampant, breach of the law. It's just a matter of shifting money around, right? Except when a secret company/tax haven is used to shield the activities of a notorious African dictator. Suddenly, the mysterious offshore world no longer seems so harmless.
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U.S. Regulator Raps BMO's Knuckles

TORONTO - The Bank of Montreal (TSX:BMO) and its U.S. subsidiary have agreed to beef up efforts to combat money laundering after American authorities found its operations in Chicago lacking.The Canadi...
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Why Are We Letting Tax Cheats Rob Canada?

This latest scandal claims there are 450 Canadians who may be hiding money offshore. The only solution is to impose sanctions and travel restrictions on dirty money havens and to pursue, as ruthlessly as the IRS does, deposits belonging to corrupt dictators, drug cartels or tax deadbeats.

Why We're Losing Our Faith in Capitalism

Another sordid example of banksterism -- money laundering -- surfaced this week accompanied, not surprisingly, by a blistering global poll that shows faith in capitalism is shrinking. The HSBC (Hong Kong and Shanghai Bank Corporation), the largest financial institution in Europe, revealed "major internal-control problems" and plans to apologize for its lapses next week to members of a U.S. Senate subcommittee into terrorist and trafficking money laundering.