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Articles on Money laundering

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Enforcing punishments on proven tax cheats could provide benefits beyond improving compliance to tax laws. Once offenders pay up, billions lost to offshore scandals could be recouped and the tax burden more fairly shared among taxpayers. (Shutterstock)

The Pandora Papers: How punishing tax cheats can serve as a deterrent

Research suggests punishing tax cheats can re-establish a sense of justice among the general public, so authorities should use their resources to ensure culpable offenders are held accountable.
The world’s wealthiest people wouldn’t be able to shield their riches from tax authorities without enablers. (Piqsels)

Paid millions to hide trillions: Pandora Papers expose financial crime enablers, too

Highly compensated ‘enablers’ such as financial experts, lawyers, accountants, notaries, estate agents and company service providers are assisting oligarchs, dictators and criminals around the world.
At first glance, these programs might seem attractive. But they suffer from fundamental flaws. (Shutterstock)

Bounty programs: Ineffective in the war on money laundering

There is a growing trend to import another Americanism into the Canadian anti-money laundering strategy: a whistleblower incentive program that would amount to bounty hunting for violations.
Vancouver has become a money-laundering haven. Can a public inquiry find solutions? Mike Benna/Unsplash

Why money laundering thrives on Canada’s West Coast

A public inquiry into money laundering underway in British Columbia holds out hope for reform, but the problems run deep.
The trouble with looking for transactions ‘consistent’ with ‘known’ patterns ‘indicative’ of child exploitation payments to countries with ‘known’ risks is that countless legitimate payments exhibit similar features. www.shutterstock.com

Westpac ticking every anti-money-laundering box wouldn’t make much difference to criminals

Anti-money laundering rules give the comfort of doing something, but prevent surprisingly little crime.
Westpac has its Annual General Meeting on December 12. “No doubt, there’ll be some very hard discussions between now and then,” Joshn Frydenberg said. JENNY EVANS/AAP

Josh Frydenberg turns up heat on Westpac chiefs as bank issues a ‘response plan’

The government at the weekend piled on more pressure for Westpac heads to roll over the bank’s money laundering scandal, with Treasurer Josh Frydenberg saying the affair had a long way to play out. “These…
A crucial problem with the global approach to anti-money laundering is the emphasis on demonstrating activity rather than results. Paul Miller/AAP

The global war on money laundering is a failed experiment

Anti-money laundering efforts are based on measuring activity, not results. To cut crime and terrorism, we need a frank conversation about where the system has gone wrong.
The New York district attorney dropped a financial fraud investigation of Ivanka Trump, left, and her brother, Donald Jr., right. AP/Seth Wenig

There’s a wider scandal suggested by the Trump investigations

The investigations into the financial dealings of Donald Trump and his associates join a growing body of evidence pointing to lax enforcement of certain high-level financial crime.

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