The federal anti-money laundering centre is exploring artificial intelligence and machine learning to help sort through a deluge of data in the hunt for hidden dirty cash.
Money laundering has distorted British Columbia's economy, fuelled the opioid crisis and overheated the real estate market, the province argued at the start of an inquiry into the criminal activity on Monday, February 24, 2020.
British Columbia's attorney general hopes an inquiry into money laundering will answer lingering questions about how the criminal activity flourished in the province and identify those who allowed it to happen.
The federal government has announced $10 million to help the RCMP prosecute money laundering after a special meeting of Canada's finance and justice ministers to discuss the pervasive problem.
A report that estimates $5 billion was laundered through British Columbia's real estate market last year also lifts the lid on the extent of illegal cash moving across Canada.
The federal government is proposing a change that would require Canada's anti-money laundering agency to be more transparent about banks that break the rules.
Analysts say there was no good justification to keep Manulife's name hidden for a year after it was penalized for violating reporting requirements in anti-money laundering law.
Canada’s financial intelligence agency has confirmed the name of a bank fined $1.15 million last year, but won’t answer questions about an agreement it signed to keep the bank's name secret.