IS CANADA MAKING PROGRESS IN COMBATTING MONEY LAUNDERING AND TERRORIST FINANCING? NOT REALLY

According to the United Nations, money laundering is “any act or attempted act to disguise the source of money or assets derived from criminal activity.” The annual value of global money laundering is estimated to be between US$800 billion and US$2 trillion, while money laundering in Canada in 2011 was estimated to be between $5 billion and $15 billion.

The Standing Senate Committee on Banking, Trade and Commerce (the Committee) began a five-year statutory review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in February 2012. In addition to written briefs from those unable to appear in person, the Committee heard from more than 40 witnesses, including representatives from federal, provincial and international departments and agencies, as well as the private sector….Report of the Standing Senate Committee on Banking, Trade and Commerce