200,000-Dollar Fine Aims to Expose Money Laundering in Canada – The New York Times

Malcolm Aboud

Mar 25, 2023

While money laundering can happen in any jurisdiction in the world, Ian Austen of The New York Times says Canada has earned a reputation for lax laws and regulations that do little to stop the illicit disguising of financial assets and their origins. In his article, “200,000-Dollar Fine Aims to Expose Money Laundering in Canada”, written about new measures the federal government is implementing to prevent “snow washing” — measures that include tightening up rules for reporting corporate ownership and creating a public registry of corporate officers — Austen interviewed two people: a spokesperson for the minister of science, innovation and industry and Osler’s Malcolm Aboud, counsel, Litigation.

When asked to comment on the proposed changes, Aboud remarked that “It’s a positive development, if properly implemented.” He also warned that while most companies will voluntarily follow the new registration requirements, “the regime will ultimately only be as good as its enforcement.”

The full article is available on the New York Times website for those with a subscription.