‘Snow-washing’: What leaked banking records show about Canada’s role in money laundering


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A Calgary strip mall, a Montreal law office and a Saint John UPS store: What do these have in common? According to banking records reviewed by The Globe and Mail, they’re addresses used in unusual transactions that illustrate how Canadian-based shell companies are used to move billions of dollars around the world.

Photos by The Globe and Mail, CHRISTINNE MUSCHI and VIKTOR PIVOVAROV/THE GLOBE AND MAIL

It’s called dark money, the billions of dollars that cycle through the international economy, hopping from one jurisdiction to the next, one shell company to another. The money often starts out “dirty” − the proceeds of corruption or other crimes − and ends up “clean” and ready to be spent.

A new leak

... read more at: https://www.theglobeandmail.com/world/article-snow-washing-what-leaked-banking-records-show-about-canadas-role/