Bringing about a higher level of transparency and accountability in provincial and federal governments to help protect taxpayers from abuse
OTTAWA—International Monetary Fund researchers say the federal government can afford to spend $8 billion annually to reduce the cost of child care spaces nationwide because the program would pay for itself.
The proposal is more than 10 times what the Liberals have promised to spend annually over the next decade on child care.
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Fraud is alive and well in Canada. It is thriving and fraudsters are innovating. This boom in white-collar crime is partly the result of Canada’s lack of a uniform regulatory system and ineffective law enforcement.
On September 22, the U.S. Treasury’s Office of Foreign Affairs Assets Control (OFAC) designated Vancouver-based company PacNet Group a significant transnational criminal organization. PacNet is an international payments processor and money services business, with a history of money laundering. OFAC issued a press release, stating that PacNet knowingly processes payments on behalf of a wide range of mail fraud schemes that target victims in various countries across the globe, and it is the third-party payment processor of choice for a breadth of mail fraud ploys. These allegations shine lights on how these types of fraudulent activities can flourish under Canada’s current legal landscape.
Canada’s lack of cohesive regulation is particularly problematic surrounding the collection of beneficial ownership information on registered companies.
According to information provided by the British Columbia government, between 2006 and 2015, 304,859 companies were incorporated through BC’s Ministry of Technology, Innovation and Citizen’s Services. Federal incorporations are also on the rise.
Canada has 2.6 million corporations, with an overwhelming majority being incorporated provincially. The formation of companies is an industry onto itself, with Canada allowing a high degree of anonymity about registrants. A report issued by the Financial Action Task Force warned:
The Canadian government has ample fiscal room to increase spending on infrastructure, Bank of Canada Gov. Stephen Poloz said, adding it is required to offer a boost to the country’s tepid growth profile.
“We have plenty of opportunities in Canada to deploy more infrastructure investment,” Mr. Poloz said in an interview with Canada’s Global TV network broadcast on Sunday. “There’s a balance point in all this, but Canada is in a very good fiscal situation so we shouldn’t be worrying about” the impact of higher budget deficits at this time, he added.