In July 2019, the Moldovan government suspended its citizenship by investment program (CBI) pending a review. Shortly before, the European Union’s (EU) Commission for European Neighbourhood Policy and Enlargement Negotiations produced a report with negative findings about the program, and suggested that, if unreformed, the program could hurt Moldova’s chances of joining the EU.

Casinos in Canada are subject to reporting and anti-money laundering (AML) program requirements as set forth in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA, 2000). This includes obligations to implement and carry out Know Your Customer procedures, report large cash transactions of $10,000 or more and report suspicious transactions and attempted suspicious transactions (Duhaime, 2016).

The revolutionary “Arab Spring” began in December 2010, destabilizing and supplanting regimes in countries across the Arab league, reaching Libya in February 2011. Libya had been an anomaly among Arab nations. Internally stable and relatively progressive, Libya enjoyed relative religious harmony with no significant presence of the radical Islamists who were driving much of the turbulence in other affected regions. This stability was attributable in part to oil wealth and to the 42-year absolute dictatorship of Colonel Muammar Gaddafi.

Financial crime expert and former investigator Kim Marsh, now executive vice president at fraud intelligence firm IPSA International, said that although enforcement has improved in Canada, significant problems remain at the level of federal execution. He told PaymentsCompliance: “In some of the provinces, regulators appear to be more proactive in trying to deal with some of the financial crimes that are happening. “Historically, money service businesses were a high risk industry for illicit funds coming into the system. “FINTRAC have done a good job of cleaning up that industry.”

Money-laundering experts say there is no way for Canadians to know how much dirty money is being laundered in Vancouver real estate through Canadian lawyers.

As a Province investigation revealed Monday, Canada’s financial intelligence unit, Fintrac, has ramped up an audit of Vancouver’s booming property market because of concerns realtors may be turning a blind eye to money laundering.

Lax enforcement of Canada’s anti-money laundering laws and regulations have helped make British Columbian property an attractive investment for criminals, according to Kenneth Marsh, a former investigator of organized crime for the Royal Canadian Mounted Police.

Because prosecution rates remain low and the real estate sector as a whole has reported few suspicious deals to the Financial Transactions and Reports Analysis Centre (Fintrac), the province has become a “pretty risk-free place” for money launderers, said Marsh, now an executive vice president with IPSA International in Vancouver.