The northern country of Canada is the 9th least corrupt country in the world out of 177, and has an 82/100 score on Corruption Perception Index from Transparency International. This is due to the fact that Canadians are quite honest and therefore expect everyone else who desires to do business in their country to be as well.
However, there are some loopholes that drug traffickers, tax evaders and other dishonest entities are looking to exploit to launder “their” money. One of the loopholes is veiled ownership. A person can set up a company or benefit without proper disclosure of true ownership. This makes the illegal acts of money laundering very easy. Trusts are also used to avoid tax obligations.
Canada has already pledged to both the G8 and G20 partners to tackle this problem.
You may or may not be surprised to hear that there is irrefutable proof that there are those already taking advantage of the country. Do you know who “those” are? Chinese officials!
Transparency International Canada has found money laundering in the city of Vancouver. The money is then invested into property – real estate.
Over 210,000 trusts have been registered with the CRA – Canada Revenue Agency, but it is a widespread belief that there are over a million of them!