Tuesday, June 21, 2011

Statistics Canada Report on Money Laundering in Canada

Statistic Canada's Juristat Bulletin released an article today entitled Money laundering in Canada, 2009:

"In recent years, the issue of money laundering has been highlighted as an emerging problem both in Canada and internationally ... In Canada, it is estimated that the amount of money laundered on an annual basis is somewhere between $5 and $15 billion ... Worldwide, it has been estimated that this figure may be as high as $500 billion to $1 trillion in U.S. currency ... "

"According to the Criminal Code, money laundering, also referred to as laundering proceeds of crime, occurs when an individual or group uses, transfers, sends, delivers, transports, transmits, alters, disposes of or otherwise deals with, any property or proceeds of any property that was obtained as a result of criminal activity. This is done with the intent to conceal or convert illegal assets into legitimate funds."

"An example of money laundering would involve a person who sells illegal drugs, and then uses the profit to purchase legal goods to sell through a legitimate business. Previous research suggests that money laundering schemes are often associated with the illegal drug trade or the defrauding and manipulation of Canada’s financial institutions ... Some authorities, including the RCMP, have found that money laundering is often related to organized criminal and/or terrorist activity ..."

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posted by Michel-Adrien at 5:03 pm

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