Former RCMP Officer says that MSBs in Canada are vulnerable to Money Laundering and Terrorist Financing
In accordance with Chris Mathers, founder of a Toronto-based consultancy Chrismathers Inc., Canada “talks a good game” in the world of financial compliance, but it does little in order to enforce counter-terrorism financing and anti-money laundering regulations.
He particularly emphasized risk of Canada’s money services businesses (MSB) industry as it is prone to abuse by criminals who take advantage of regulatory gaps. Mathers also said that a terrorist organization - the Sri Lankan separatist group the Tamil Tigers - has been a compliance concern in Canada, where many of the group’s sympathizers reside.