Illicit crypto-to-cash deals are unlocking new ways to launder money in Canada
Crypto exchange companies in Canada are evading finance laws by offering to buy thousands of dollars in digital currencies without proper registration or without checking ID. And two international platforms contacted by an undercover journalist proposed to deliver as much as $1 million in cash to a location in Montreal in exchange for cryptocurrency.
Canada has long had a problem with dirty money in its traditional economy, whether it be in banking, casinos or real estate, but the advent of storefront and online cryptocurrency services and a lack of strong regulation and enforcement are blasting open new frontiers for laundering and illicit finance, experts say.
Cryptocurrencies are decentralized by nature, making it difficult for…
