Angle Up

TI Canada in the News About Manulife and FINTRAC, and Legal Loopholes in BC

TI Canada’s Interim-Executive Director was interviewed on CBC’s ‘On the Money’ (interview starts at 5:26) to discuss the fallout of FINTRAC not naming Manulife Bank for fines of $1.15 million. Manulife Bank, a division of Manulife Financial, was fined for failing report obligations on many transactions. Manulife Bank has claimed that its failure to flag the bank transfers, including those deemed to be suspicious, were due to ‘administrative errors’.

The Interim-Executive Director was also featured in a Toronto Star article on Manulife and FINTRAC on Monday February 27, 2017 stating: “Canadians want more transparency, but because of our lax policies we’re going to see more controversies until we get the policies fixed”.

In addition Adam Ross, author of the recent Transparency International Canada beneficial ownership report, was featured in the Vancouver Sun yesterday. Ross commented on the fallout of the 2015 Supreme Court decision on exempting lawyer’s from reporting requirements that apply to other professionals. Ross pointed that: “Unless the law societies demand more of their members and start enforcing those rules, billions of dollars will continue to be washed through lawyers’ trusts accounts without any consequence”.

On a related great positive note, the European Parliament voted today for public disclosure requirements for trusts. Our colleagues at TI EU have worked hard on advocating for this position. TI Canada continues to advocate for beneficial ownership and trust transparency here in Canada so we do not lag behing as a haven for ‘snow washing’.

You can support TI Canada’s work to advocate for chage on beneficial ownership and trust transparency by making a donation today on our website.