Money Laundering Archives - Better Dwelling

An “Ultra Violent Cult” Is Stealing Cars & Using Canadian Real Estate To Launder: FINTRAC

Stephen Punwasi — Thu, 17 Nov 2022 00:27:09 +0000

Canadian real estate, an “ultra violent cult,” money laundering, and Toronto’s stolen cars. Sounds like a spy thriller, but that’s reality in Canada, according to FINTRAC. In 2017, the financial intelligence agency assessed the money laundering threat of an organized crime group called Black Axe. The group infiltrated the government, conducts mass fraud, and runs […]

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Canadian Real Estate To Government, Organized Crime Infiltrated Everything: Intelligence

Stephen Punwasi — Thu, 07 Jul 2022 19:14:01 +0000

Some countries lack corruption and some lack investigations revealing corruption. Canada feels like the latter after the data Criminal Intelligence Service Canada (CISC) shared. CISC might not ring a bell, because they operate largely behind the scenes. They provide law enforcement with intelligence on organized crime groups and track activity. The agency’s 2021 Report on […]

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Canadian Lawmaker Demands A Federal Inquiry Into Money Laundering

Stephen Punwasi — Thu, 23 Jun 2022 00:59:25 +0000

A Canadian lawmaker wants answers after BC’s money laundering inquiry condemned Federal agencies. Member of Parliament (MP) Adam Chambers is gauging support for a Federal inquiry into money laundering. Due to many failures Canada’s economy has become as reliant on money laundering as the US was on housing in ’06. Now the Simcoe North MP […]

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A Canadian Politician Wants Harsh Penalties To Deter Money Laundering, But Do Others?

Stephen Punwasi — Tue, 21 Jun 2022 01:05:28 +0000

Canada’s reputation as a money laundering haven dug its heels in last week. Despite big talk on tackling money laundering, Canada isn’t making much progress. That was one of the findings from BC’s inquiry last week. Increasingly complex laws aren’t acting as a deterrent, and appear to be designed to catch no one. Tracking beneficial […]

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Canada’s Federal Anti-Money Laundering Resources Are Unreliable: BC Public Inquiry

Stephen Punwasi — Thu, 16 Jun 2022 19:59:31 +0000

All flash and no (illicit) cash. That was the key takeaway from the Cullen Commission‘s final report looking at BC’s money laundering problem. Despite Canada talking a big game on anti-money laundering, its policies are ineffective. The Commission condemned federal anti-money laundering resources, and found Canada ignored the province’s calls for help. Austin Cullen, who […]

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Canadian Real Estate Has A Money Laundering and Fraud Problem: Intelligence Report

Stephen Punwasi — Fri, 06 May 2022 19:58:26 +0000

Intel just confirmed, Canadian real estate is a haven for money laundering and fraud. Criminal Intelligence Service Canada (CISC), a national intelligence agency, quietly produced an anti-money laundering report in 2020. The report focuses on the scope and extent of money laundering in Canada. The agency found real estate was used extensively as a tool […]

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[VIDEO] Canadian Suspicious Transaction Reports Have Surged

Better Dwelling — Wed, 04 May 2022 14:31:35 +0000

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Canada Has Seen Suspicious Money Reports Surge and It’s Investigating A Lot Less

Stephen Punwasi — Mon, 07 Feb 2022 17:49:20 +0000

Canada has earned itself a reputation as a hub for dirty money over the past years, and it doesn’t seem to be phased by it. Financial Transactions and Reports Analysis Center of Canada (FINTRAC) data show reports of suspicious transactions have surged higher in recent years. At the same time, the financial watchdog is conducting […]

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Canada Fined A Chinese State-Owned Bank For Anti-Money Laundering Non-Compliance

Stephen Punwasi — Wed, 02 Feb 2022 17:00:42 +0000

Canada just fined the world’s largest bank for not following anti-money laundering rules. A local subsidiary of the Industrial and Commercial Bank of China (ICBC) paid over $700k in penalties last year. Despite only being fined weeks ago, FINTRAC, Canada’s financial intelligence unit, found the problems during a routine audit in 2019. The regulatory body […]

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Canada Is Seen As More Corrupt As Money Laundering Estimates Hit $113 Billion

Stephen Punwasi — Sat, 29 Jan 2022 03:10:08 +0000

Canada’s squeaky clean reputation took a nosedive, according to an anti-corruption watchdog. This week, Transparency International (TI) released its annual Corruption Perceptions Index for 2021. The index shows Canada continues its spiral lower, having fallen out of the top 10 in 2019. Extensive money laundering and opaque institutions are amongst the reasons for the decline. […]

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