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Money laundering through real estate feeds poverty and worsens inequality, Transparency International says.
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As gift cards become more popular with consumers and merchants, criminals also want a piece of the holiday pie. As criminals get savvier, they are finding new loopholes to exploit, and e-gift cards are increasingly becoming a lucrative way to commit fraud and to launder money.
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There were problems at 468 companies. But only nine fines were handed out.
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A money launderer and wealthy entrepreneur from abroad may both be considered "Foreign Investors" with similarly disparate outcomes. A great deal of the former (money launderers) are infiltrating a porous Canadian financial system to purchase real estate in Vancouver and Toronto and have contributed to the out of control housing prices in both cities.
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There appears to be some uncertainty on the real estate association's part about some of the regulations.
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Fintrac is keeping the name of a penalized Canadian bank secret.
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Unless the world unites as a federation, as a whole, it will be very difficult to stop our future generations to suffer calamities on a proportion which this globe has never been exposed to before. One example is climate change. New models now predict the possibility of flooding occurring at major cities at a much faster pace than was thought before.
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Lethbridge police say they received a report of fraud involving several investors.
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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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OTTAWA - Sections of the federal government's anti-terrorism and money laundering financing law are unconstitutional because they violate solicitor-client privilege, the Supreme Court of Canada declar...
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Legislators can mitigate the proliferation of money laundering by strengthening laws, policies and processes. They have the power to pressure their governments to ensure that information on the beneficial ownership and control of companies, trusts and foundations is available on public record to facilitate effective due diligence.
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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.
The imminent arrival of compliance requirements to the virtual currency industry means that bitcoin businesses starting up in Canada should set up their business model and practices in ways that facilitate compliance with not only anti-money laundering laws, but privacy and consumer protection laws as well.
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.
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...
In 2009, Eleanor Squillari called me after reading my article "Madoff: More money laundering than Ponzi." She had been Bernie Madoff's secretary for years and wanted me to participate in a documentary about her ordeal and that of others in the fallout from Madoff's $62.5 billion fraud.
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.
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.
Canadians have yet another reason to be wary of bankers: A scandal is brewing across the pond in the United Kingdom that may have serious international effects on consumer confidence in the financial system. No, seriously, this affects everyone from retirees to kids trying to pay off student debt.