Canada is increasingly being seen as a money laundering haven: anti-money laundering expert

Canada's penalty regime for money laundering is too low, says Matt McGuire, principal and practice leader at The AML Shop, as he discusses TD facing fines and regulatory investigations over alleged money laundering.
Subscribe to BNN Bloomberg to watch more videos: / bnnbloomberg
Connect with BNN Bloomberg:
For the latest news visit: www.bnnbloomberg.ca
For a full video offering visit BNN Bloomberg: www.bnnbloomberg.ca/video
BNN Bloomberg on Facebook: / bnnbloomberg
BNN Bloomberg on Twitter: / bnnbloomberg
BNN Bloomberg on Instagram: / bnnbloomberg
BNN Bloomberg on LinkedIn: / bnn-bloomberg
--
BNN Bloomberg is Canada’s only TV service devoted exclusively to business, finance and the markets.

[@ElenaJonesuy2]

I can never catch a break in the stock market. I was up by nearly $4000 but I regret not selling sooner. Sometimes I think I am too impulsive and sometimes I think I'm not fast enough. The market is too volatile.

[@Gabriel-Canyon]

It's frustrating to be up by nearly $4000 and then see it disappear. The stock market can be so unpredictable and volatile, it's easy to feel like you're constantly second-guessing yourself. It's tough to know when to sell and when to hold, and even tougher when you feel like you're missing out on potential gains or taking unnecessary losses. It's a constant rollercoaster of emotions.

[@StephanieTroy-dp5gp]

You're not alone in this,. Many investors face the same challenges and frustrations as you do. It's just part of the game. But it's important to remember that with the right mindset and strategy, you can improve your chances of success in the market.

[@RebeccaRyan-xd9oi]

If you're finding it tough to make buying and selling decisions on stocks, you might want to consider working with an experienced financial advisor or mentor. They can help you develop a strategy and provide expert guidance on when to buy and sell. I personally work with an expert who has helped me make high profits. If you're interested, feel free to do some research and find a financial advisor who can help you achieve your investment goals.

[@ElenaJonesuy2]

This is definitely considerable! Think you could suggest any professionals or advisors I can get on the phone with? I'm in dire need of proper portfolio allocation.

[@RebeccaRyan-xd9oi]

RPC Wealth IAF is an advisory Firm that I have worked with. If you search for her name online, you will find all the necessary information to contact and set up an appointment.

[@Ynalaw]

Drug dealers have a lot of success in Canada, as they go unpunished. Its a successful career choice for a lot of newcomers.

[@alexgraham2979]

Canada’s day of reckoning draws nearer

[@theflowpowa42oshow]

What gonna happen to Canada lil man?

[@luketracey3269]

Estimated to have lived sometime between 6th century to 2nd century BCE, little is known about his life. His traditional name "Kaṇāda" means "atom eater", and he is known for developing the foundations of an atomistic approach to physics and philosophy in the Sanskrit text Vaiśeṣika Sūtra. O ' Kanada In contrast to Mc- and Mac-, found in both Ireland and Scotland, the prefix O' is unique to Ireland. It is derived from the Gaelic word “ua,” also abbreviated as uí or Ó, meaning “grandson of.” Thus any name beginning with O' is without question an Irish patronymic...our language banned by an illigitimate Nazi waving royal that failed it's royal lineage DNA test that proudly claims Irish ancestry with it's bestie the jews. They call us plastic paddies while they bury and dig up Jew bones under pubs in an attempt to become Danny boy . Epic fail . 🍀. Modern Ireland' and Scotlands population has clearly changed . ..says Nazi waving illigitimate royal Elizabeth and her besties the Jews .

[@theofficialmascot]

If only

[@agodelianshock9422]

Its so bad my ex partner got accidentally caught up in one such scheme a few years ago trying to job hunt. She was essentially paid to transfer money abroad, when she found out what they were doing she stopped, reported it, and was rewarded with her accounts being frozen due to a fraud complaint from the launderers.

[@donyaschuk6538]

Just when you thought Freeland was the dumbest person running finance in a high position OSFI has for years been yelling 'hold my beer!'

[@lominiski]

TD hahaha. This is a bank that recorded my cash deposit as a withdrawl.

[@theoffspring07]

I gave Trudeau the benefit of the doubt back in 2015. I figured we should give him a chance but he has been a horrible Prime Minister. If he isn't kicked out soon than Canada will be too far gone. This is coming from someone who use to vote Liberal/NDP

[@waynejpark560]

Way to go…YOU voted for him.

[@ronl1633]

I'm glad you see him for the evil person he is finally.

[@bathombre9739]

Canadians don't care until daddy government tells them what to care about

[@priuss6109]

Yes, regardless of whether that is wrong or right.

[@osawidatay]

Was it not obvious enough when you have house prices in the millions, expensive cars everywhere, monopoly banks. Most Canadians are pretty poor and low investment causing low productivity. Everyone can agree Canada moves at snail pace and spends money like America ...but don't make green Lincoln bills. All talk no action ...Canada eh.

[@donyaschuk6538]

Look at the performance of the SP500 versus the tsx. Trudeau has made a great country into Cuba.

[@ftakenouchi1464]

Well said. Right on the nail.

[@Barr894]

That’s not because of money laundering. That’s because of artificially keeping rates at zero for a decade and then throwing helicopter money. The elite are using money laundering as an excuse to make everyone look away from them.

[@davidlee8396]

We have the DRUG PRIME MINISTER. What did you expect?

[@user-je6cy3pu3u]

Yep tell me what he’s paid on capital gains with the hundred million swindled tax dollars? That we know about!

[@MrMannyhw]

Increasing? It’s always been since the 2000s. Money laundering heaven.

[@himura357]

Exactly. All these muppets can do is blame the sitting PM but it's been going on for decades. You have a system that allows for unlimited bidding and then wonder how things could go wrong.

[@MrMannyhw]

@@himura357 JT definitely made it more visible. SH was on board but gave enough carrots for us not to notice. JC period definitely our economy was eroded.

[@dsbarclayeng1]

Gasoline prices are Not determined by crude oil prices. Its decided by price-fixing between refineries via 'co-producer agreements'.

[@user-vi8ci2bi6b]

There was a story in the Vancouver Sun 2 days ago reveling a CRA report. It said that of the top 5% highest priced RE in the GVA, that MOST of it was bought by people who paid less than 16k in income tax. Very fishy

[@sharinglungs3226]

It’s how your market got detached from local income. Lots and lots of mostly Chinese money buying up real estate.

[@user-vi8ci2bi6b]

So much for the foreign buyers ban. Lol Canada is a joke on so many levels

[@billferguson1368]

What else would you expect from a trashy tabloid like The Vancouver Sun?

[@user-vi8ci2bi6b]

@@billferguson1368 Over the last few years the mainstream media has become fluff only. Van Sun is mainstream media. For them to run this negative story makes me think it's for real and not misrepresented.

[@supermash1]

Welcome to Canada. A fucking joke of a country now.

[@hexxlaxx2992]

Thanks to the lieberals party of Canada

[@josephsmith594]

What did the Liberals do within their current tenure to make money laundering easier than it was before? Yeah, that’s what I thought. My shoelaces are untied, the Liberals did it.

[@brodieobrien-pickering2202]

He was a good person to have on. Finally not some pandering ceo or economist who says everything is gravu

[@trevors1410]

Brampton is the capital of Canindia

[@Chimera2020]

Let’s not forget Chinkham and Richiranmond Hill

[@camberwellcarrot420]

Brahmapton

[@egeb]

Vanchina

[@jonathansmithtv1763]

@@Chimera2020 You mean the upper middle class area where brown and Chinese live?

[@Alanom2007]

Lol money laundering has been a thing from mainland China and HK. The Vancouver model they say

[@MrPatrick1414]

JT has opened the door to all sorts crime. There's next to no consequences so the risk is worth it

[@IgorSinitar]

Canada has an honour system where we give one another the benifit of doubt. It's one of the pillars of our democratic society. Unfortunately, there are some bad actors ruining things for the majority. I have no idea how this can be fixed without curtailing some of the rights and freedoms we identify with. Challenging times indeed.

[@user__100]

Canada uses Newcomers to pay pensions of old Europeans through tax

[@mr2_mike]

Newcomers pay taxes? Doubt it. So no pension paid.

[@madhukarmurthi9064]

@@mr2_mike Newcomers work, pay tax, and the savings immigrants bring to Canada have been the reason GDP has grown at all despite per capita GDP declining. Canada exploits immigrants while having some weird hubris about inviting them here out of generosity. The facts the Libs and NDP opened the gates far too wide is a separate issue: the entire business model of the country with an ageing population rests on immigration. Look up the data - Canada has never tried to be Japan.

[@patrickcampbell-pelletier8678]

Cry me a river

[@madhukarmurthi9064]

@@patrickcampbell-pelletier8678 Canada's downhill slide is well worth all it's citizens taking a good weep. Messing up with such a small population, large land mass and large resource base takes a special capability in mediocrity.

[@whatinthefuckisgoingon]

I actually have witnesses that they do not pay taxes and actually get a hand out by the federal government to start up their businesses. ​@@madhukarmurthi9064

[@therealbenjaminfranklin]

It pays to be a criminal in Canada, little to no consequences

[@donm2067]

We knew that 10 years ago wtf.

[@markdudley1727]

Anyone should be able to look up a number company and see who is behind the company!

[@tommyshanks4198]

You can in Quebec. Google CIDREQ.

[@sovereignty14]

Ban foreign ownership of residential real estate. Now.

[@egeb]

Already done

[@sovereignty14]

@@egeb , no, there's too many loopholes.

[@egeb]

@@sovereignty14 such as?

[@Alanom2007]

They can just take PR and own. JT made it easier and if people that have money can easily evade it

[@RahulPatel-xd8qm]

Country with highest money laundering has highest house prices and inflation. Example: Pakistan

[@AdrianLoganLive]

"Do Canadians just not care about money laundering?" - Ughhh, how much mental bandwidth is the average Canadian supposed to have, not only to be aware of this and 15 other very important things, but then to also monitor and protest it as well. It's not Canadian citizen's jobs to track and crack down on the money laundering that our own government seems to be looking the other way on. No one birth rates are plummeting. It's not easy to decide to willingly subject ones unborn children to a future that is objectively going to be worse off down the road than it was in the days past.

[@andrewmccoll1582]

Just the way Trudeau likes it

[@MMK86]

here in Toronto, Canada, during the peak of the pandemic it was roughly estimated that 30% of our real estate was being used to launder dirty money....never mind the stuff that goes on in Vancouver

[@timedmonds3]

IMO No One has a clue on where the Massive flood of money leaving Canada is going. Your tax dollars hard at work.

[@dazzler662]

About damn time this is being taken more seriously.

[@PeterS-mx3ee]

For years, duffel bags full of cash were literally being brought into BC casinos and then the washed money is used to purchase real estate.

[@SniperPrecision]

Decades dude. Decades

[@maryjoan4128]

More incompetence

[@priuss6109]

Thank you, Mr. McGuire, for doing what you do.

[@gmax9797]

How about Real estate?

[@Icecold0505]

Crime pays in Canada

[@stevenchow408]

So what about the other banks?

[@purethinking269]

Hey bnn, talk to Sam Cooper on money laundering. Who edited the beginning of this video?

[@synergygaming65]

The penalties here are so incredibly weak, especially after the Liberal criminal code revision.

[@user-je6cy3pu3u]

Yep and the biggest criminal organization can’t even tell us where our tax dollars went???? Banks are all seemingly loosing money at every turn

[@Doctor_Bong]

Such low fines make it irresponsible to *not* be laundering money.

[@user-lb8bg6kj9m]

Could this anti-money laundrring expert be another CBDC dystopian nightmare pusher.... 🤔

[@PeterS-mx3ee]

I thought the exact same thing.

[@annah.4488]

Shall we quit our low paying jobs and protest? If money laundering increases housing prices, our vile government will support it to share a profit with their developer and large landlord friends.

[@akhan9969]

Canada has a very little to no supervision on bringing in offshore wealth. It makes it more difficult for the Canadians to compete with black money acquired illegally from the third world countries.

[@kL-li8qn]

I wonder if Chinese $$$ is entering Canada?

[@butwhytharum]

it was, once borrowing rules in china got stricter the money taps stopped flowing over here, and once the interest rates here went up the money already here stopped getting leveraged like it did over there.

[@sharinglungs3226]

@@butwhytharum there’s a book called willful blindness that details how they get around moving more money than allowed outside of the country. It’s still happening just less so than before because China’s real estate market has been crashing and they need to bring money back to prop things up.

[@Alanom2007]

Lol thats how housing skyrocketed. Look at Cullen Commission for example

[@WalterDorcas]

My dividend journey began when I realized that two particular expenses in my budget were always going to go up and never go down. The two expenses were taxes and insurance. I realized that the dramatic rise in both will need some added income. So, I started buying shares paying dividends. I can now see that this will be the path I need to take to make sure those two expenses will not overtake my future income.

[@soniajames-tn4mp]

As a beginner, educate yourself, Learn the basics of investing and the stock market. There are many resources available online, including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research.

[@Johnmark-iq4gg]

A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.

[@lynb1022]

Your dividend journey began when you decided to create a fake profile to post fake financial-planner scams on KZbin.

[@TechFollower]

Canada is already become La La Land

[@aleckocsis7648]

Some of these things these guys say is crazy not letting you get different banks never knew I had to ask the Draconian masters

[@e_valley2707]

Without including Morgan Stanley's issues this segment seems worthless.

[@theflowpowa42oshow]

BAU

[@moomagpie4265]

I should have been a drug dealer. damn.

[@CalvinPicard]

You keep on banking and mind your own damn business

[@bigsid3011]

Liberal apathy is the hallmark of Trudeau's tenure! FJT

[@calm9447]

Is that how Trudeau increases his personal wealth so much ?

[@hilwaamanamankiyar-pp5bf]

EMHSG20/5/6/6

[@billferguson1368]

What nonsense.