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In Canada, any person or entity responsible for moving money around has obligations to help combat money laundering and the financing of terrorist activity. Those obligations are spelled out under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Many of our financial institutions, cheque cashing, money wiring, and currency converter businesses, securities dealers, and real estate firms simply fail to meet those requirements. Many notaries, casinos, dealers in precious metals and stones, as well as life insurance companies are in the same boat. And all these folks together conspire such that our wee nation is responsible for laundering perhaps (though there is no good estimation) something on the order of $147 billion annually.
