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Canadian Regulators ThisClose To Getting Impolite Re: Money Laundering

No really, they're serious this time. Cut it out. Please? Eh?
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Canada or Switzerland? YOU CAN'T TELL, CAN YOU?

At first glance, Switzerland and Canada wouldn’t seem to have much in common. For starters, the former could fit in the latter 240 times, with a Switzerland and change to spare. Canada gave us Lorne Michaels and “The Kids in the Hall;” the Swiss do not appear to have laughed at a joke in at least 370 years. In Canada, diversity means the Chinatowns of Toronto and Vancouver. In Switzerland, it means billionaires and oligarchs looking for somewhere to stash their fortunes.

Still, the natural-resources giant and Alpine neutral do share a few things. Great skiing, for one. Ornery French-speaking populations, for another. And, it appears, a facility for money laundering.

The country’s top banking regulator—the Office of the Superintendent of Financial Institutions, or OSFI—has told banks to increase their scrutiny of potential money laundering through their accounts, according to two consultants who act for banks in this matter….

The moves come after a 2013 Canadian Senate report slammed the country’s efforts to combat money laundering. The report concluded there was little “clear” evidence of success in terms of detection, deterrence and prosecutions of the crime.

A U.S. State Department report released the same year cited Canada and the U.S. as countries of “primary concern” on money laundering….

Canadian Regulators Increase Pressure on Banks to Snuff Out Money Laundering [WSJ]


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