Laundering: Money Laundering

laundering: Money laundering is mirrored in countries like Canada and the U.K. because they have similar legal and economic frameworks, he said, according to CTV. Aspects in both countries designed to attract investment or good money, like having a developed financial system and global trade links, often also attracts bad money, he said. Simon Lord of the National Crime Agency, who is also part of a Five Eyes group dedicated to international money laundering controls, testified before a public inquiry into money laundering in British Columbia on Thursday. I wouldn't say Canada is any more or less vulnerable to money laundering, and certainly British Columbia, than any other large Western country, Lord said. However, there has been an apparent upswing in underground banking networks connecting the proceeds of crime in the U.K. with capital flight from China, he said. Generally, he says Canada is pretty well run and referenced a 2016 review by the Financial Action Task Force, an international organization founded to combat money laundering, that found some deficiencies in regulation. (www.immigrantscanada.com). As reported in the news.