Report says Canada is a dirty money magnet

March 21, 2022

Financial consultants outside of Canada are guiding their clients to our shores, citing the country as a favoured location for their financial assets because Canadian federal authorities can’t so easily unmask foreign investors.

Canada is being promoted as a strong candidate for money laundering and the location for shell companies.

The report, titled Snow-washing, Inc: How Canada is marketed abroad as a secrecy jurisdiction, has been published by Transparency International Canada (TIC).

“Snow-washing” is a euphemism referring to the abuse of Canadian legal entities to commit financial wrong-doing, by hiding questionable transactions under the cover of Canada’s reputation for financial system integrity.

“Canada is known as an easy place to launder dirty money, or ‘snow-wash.’ It’s not just the experts who know this, though. International corporate service providers actively promote incorporating companies in Canada to clients who wish to take advantage of lax secrecy laws and low financial crime (law) enforcement,” the TIC said in its press release.

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