Canada Cracking Down On Money Laundering
Can Have A Similar Impact To Tariffs
Sounds simple! Just clean up the border, tighten immigration controls, and crack down on illicit drugs, right? Tragically that would obliterate Canada’s 7th largest industry—money laundering.
Most Canadians can’t even imagine how extensive the country’s problem has become. When BC’s anti-money laundering inquiry released its final report in 2022, it estimated the national volume of funds obviously laundered to be around $100b annually as of 2018. Using a standard GDP multiplier, that works out to just over 6% of the economy.
Most Canadians can’t even imagine how extensive the country’s problem has become. When BC’s anti-money laundering inquiry released its final report in 2022, it estimated the national volume of funds obviously laundered to be around $100b annually as of 2018. Using a standard GDP multiplier, that works out to just over 6% of the economy.
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