In authoritarian countries, Canada has a reputation for having the weakest anti-money laundering legislation in the western part of democracy.
Therefore, with a recent crackdown on Russia’s oligarchs in favor of Vladimir Putin, experts have finally tracked down multinationals that Canada is secretly sending money to the country through a process called “snow.” He says there is an urgent need to make it possible quickly and accurately-cleaning. “
Money laundering expert legal counsel Kevin Komo invested in NDP leader Jagmeet Singh and real estate owners, especially real estate, with Prime Minister Justin Trudeau.
Trudeau first promised to register the country’s corporate ownership three years ago, which can be searched by name. The Liberal Party planned to put it up and running by 2025. Currently, in the light of Russia’s invasion of Ukraine, there is a pledge that the registration will be valid by next year.
Como believes that a country’s ownership registration, which is a rough model of what was recently launched in British Columbia, could actually take place by the end of this year, but the federal government is in 2023. I hope to meet the deadline for the year. There is a lot of political pressure on them. “
Such registries that reveal the true owners of businesses, trusts and property sanction those who benefit from being a companion to corrupt millionaires and ruthless influential people by the Western government. Is the only way to fulfill your attention-grabbing promises.
A valid ownership register that identifies illegally held assets in Canada and can lead to their seizure should be set up years ago to prevent dirty money from flowing into national real estate. was. To Putin to stop this war, “como said.
“There is a great incentive for authoritarian governments to withdraw money and send it to western liberal democracy, which has the rule of law and protects it from arbitrary confiscation,” by an unstable leader. Said Como, who created the. Laundering for CD Howe Institute, Transparency International, and other organizations.
“Why do they choose Canada? Of the large western liberal democracy, we have the weakest anti-money laundering rules.” The United Kingdom, the United States, and the European Union countries have said. We are far more advanced in monitoring and sometimes targeting the actual owners of money laundered assets.
The Economist found that Russia, which invaded Ukraine last month, has the most billionaire oligarch, a fellow dictatorial leader. Following Russia, China has a stronger presence in Canada through trade, international education and immigration. Saudi Arabia, Iran, and many other governments also have wealthy citizens looking for offshore shelters to hide their contaminated money.
Ownership registration should have been up and running much earlier in Canada, according to Como. But for some reason, many Canadians say that global money laundering and tax evasion are “victimless crimes” and that even the proceeds of corruption can help to get foreign money into the economy. I bought an idea.
But slowly, especially at affordable housing, more and more Canadians are finding it “terrifying.”
“In the last few years, people have realized that money laundering has occurred from all over the world and there is a real problem of entering our real estate market. It is pushing up Canadian prices and many People couldn’t afford to buy a house in the city or town where they grew up, “Como said. “It’s the first time in Canadian history that middle-class people can’t buy a home in their city or town as a group.”
Also, taxpayers do not have to worry about the cost of setting up federal and state registries that allow them to expose shaded owners of businesses and real estate. on the contrary.
The public ownership register creates a “massive weapon” against oligarchs, thief politicians, traffickers and tax evaders. This is because it is the key to seizing assets, including assets that they may have owned for decades.
“This is a huge source of income for the Government of Canada and the state. It can bring billions of dollars. You’re talking millions of dollars to set up a registry. Set up a registry. That would probably bring more than 100 times. I’ve paid the registry many times just to (seize) 20 homes. “
As one of those seeking a “pan-Canada” registration system, including the states that have jurisdiction over real estate, Como praises BCNDP for helping to create a profitable home ownership registration by last year.
BC’s registry has some weaknesses, but Comeau said they can be fixed.
BC will spend a little more to remove the $ 5 paywall per search, provide a Tipster line, require third-party identity verification, and the Russian, Chinese, and Arabic alphabets will be in English. Has been translated into.
In addition, according to Comeau, if you find that you have created a fraudulent entry in the Canadian register, you may be subject to imprisonment as well as a fine (often just the cost of doing business). There is sex.
With these reforms, Canada and the state are no longer known around the world as “snow-washing” capitals.
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Douglas Todd: People are dying — Canada now has to expose dirty money
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