4 ms·

The problem is Canada has very weak AML rules to begin with, and even weaker capacity to investigate and prosecute violations of those rules successfully. Cana

The problem is Canada has very weak AML rules to begin with, and even weaker capacity to investigate and prosecute violations of those rules successfully. Canada doesn't really have a specialized national police force - the RCMP's primary function is to be beat cops in rural areas of the country - and it has no equivalent of the SEC (the Supreme Court ruled the federal government doesn't have the authority to set one up). So the highly specialized capabilities needed to investigate trans-national white-collar crime just isn't there. It's hard to take an agency that primarily writes traffic tickets in Yellowknife and task it with tracing sophisticated international money laundering.

propter_hoc 8y ago
This is not correct. AML/KYC regulations are just as strict in Canada as in the USA - they have to be, because our financial systems are so intertwined. Furthermore, it is not the job of the RCMP (or of any of the provincial securities regulators) to oversee these issues; there is a special entity called FINTRAC (http://www.fintrac-canafe.gc.ca/intro-eng.asp http://www.fintrac-canafe.gc.ca/intro-eng.asp) that does this, and believe me they are a deadly serious organization. (I used to be chief compliance officer and "ultimate designated person" of a registered dealer.)