Canada's weak financial laws and regulations have made the country a prime destination for money launderers and others who want to hide the proceeds of crime, says a report being released today by the C.D. Their dirty money flows on a path of least resistance to the safest harbour," author Denis Meunier writes. As a result, bad actors can effectively hide the identities of their real owners and funnel dirty money — often mixed with legitimate funds — into Canada's financial system. Applications for birth certificates, vehicle registrations, land registrations, personal bank accounts — even library cards — often require more identifying information than the rules governing corporations do, says the report. It says Ottawa and the provinces need to harmonize their laws and regulations to make the registry a one-stop search tool.

Source: CBC News September 06, 2018 07:52 UTC