Sigma Ratings' CEO and co-founder Stuart Jones joins BNN Bloomberg to discuss the extent of Canada's money laundering problem and the steps that need to be taken to address it.
As discussed, the problem is particularly prevalent in the real estate industry, where criminals are using luxury homes as a way to launder their money. But it is not limited to Vancouver or Toronto - it is a nationwide issue - and it is not being taken seriously enough by law enforcement, which is allowing the problem to continue unchecked.
The discussion highlights the need for Canada to take stronger action to combat money laundering and protect its financial system from criminal activity.
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BNN Bloomberg | Canada's money laundering problem in the 'hundreds of millions': Financial crimes expert
Featuring Sigma Ratings' CEO and co-founder Stuart Jones
Money laundering allegations engulfing Swedbank and Danske Bank have got its executives under fire, sparking concern over whether the same can happen in Canada. Stuart Jones, founder and CEO of Sigma Ratings, joins BNN Bloomberg to discuss how firms can take a data-driven approach to corporate governance and measure non-financial risks.