Photographer: Ivars Krutainis
“The discovery of $2 million sent to Canadians from a suspected money-laundering network designed to hide dirty Russian money highlights the weaknesses of a financial intelligence system with too many loopholes and not enough teeth, say experts,” wrote Jennifer Fowler and Diana Swain for CBC News on May 11, 2017.
Fowler and Swain continued, “International banking documents provided to CBC News reveal 30 Canadian companies and individuals received dozens of payments between 2008 and 2013 from accounts in Cyprus and Lithuania.
The accounts are suspected to belong to an international web of companies created to obscure the movement of hundreds of millions of dollars connected to elaborate Russian tax frauds.
The revelation is no surprise to Denis Meunier, former deputy director of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Ottawa’s financial intelligence watchdog, who says Canada is the ideal place to wash illicit funds.”
Read the full article here.
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