Impact of Anti-Money Laundering Efforts in Canada

Kenneth C. MacDonald, Utica College of Syracuse University
Kyung-Seok Choo, Utica College of Syracuse University

Canada has recently passed legislation that is about to be enacted as law, which will require mandatory reporting of specific financial transactions by all financial entities located within the dominion of Canada. This will not only have a financial impact on the Canadian public but it will also cause a significant work adjustment to both the financial institutions as well as the money laundering enforcement units. Efforts put forth by law enforcement to combat money laundering will not reach its full potential unless they are performed in full coordination with various parties directly implicated in the battle against money laundering. It is important to determine if the cost attached to the implementation of this legislation is beneficial and the effort involved warrants the anticipated results. The study will examine the impact of the legislation by reviewing historical case studies to determine if the predictor variables defined in Bill C-22 would have identified instances of money laundering as well provided early detection of possible organized crime groups participating in money laundering activities. In addition, the study will provide the interview results from both law enforcement and financial institutes where requires cooperation and assistance to determine and identify money laundering activities.

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Updated 05/20/2006