Tuesday, June 13, 2006

Money Laundering Canadian Style

The notorious money laundering operations of The Bank of Nova Scotia put it in the view of law enforcement agencies in the U.S. and Canada in the late seventies and eighties. The Bank used its operations in the Caribbean for money laundering operations. Today they have expanded their potential in this area by buying a 'private offshore bank' Your service charges and interest payments at work.

Scotiabank paying $330M for parent firm of Costa Rica's largest private bank

Canada's third-largest bank said Tuesday it will acquire Corporacion Interfin and merge it with its existing Costa Rican subsidiary, resulting in a 13 per cent loan market share

Money laundering, on the other hand, involves the intent to conceal criminal profits to make them appear legitimate. We have seen the Royal Bank, the Bank of Montreal, the Bank of Nova Scotia and the Canadian Imperial Bank of Commerce account for 80% of local banking in the Bahamas. Both the Royal Bank and the Bank of Nova Scotia have been implicated in money laundering cases in the Caribbean on more than one occasion. In one case the court ordered the Bank of Nova Scotia to pay $2,500,000 in fines, noting that laws should not be used as a blanket device to encourage or foster criminal activity. 36th Parliament, Hansard #079, April 5, 2000

And this is the real reason the Banks are pushing for the ability to merge in Canada, not for our good but for their ability to then invest in the U.S. and offshore by buying up other banks, insurance and stock brokerages. And thus be beyond Canadian legal requirements.

Of course more beign than money laundering, but by no means less outrageous, the Bank of Nova Scotia's purchase of the Costa Rican bank means that more of Canada's wealthy can move their cash off shore to avoid paying taxes.

Also See:

Canadians investing offshore grows sharply

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