Reported by Quinn Patrick, True North Wire

Canada’s financial crimes watchdog has flagged thousands of suspected cases of criminal money laundering operations involving legal professionals. 

Members within Canada’s law societies hold a unique window into how to aid criminals seeking to launder money gained from their criminal enterprises, according to a special report by Statistics Canada. 

Around 2,400 suspicious transactions submitted to the Financial Transactions and Reports Analysis Centre of Canada between 2022 and 2023 reported “entities within Canada’s anti-money laundering and anti-terrorist financing regime referenced transactions involving legal professionals and/or law firms.”

“An analysis of FINTRAC data holdings demonstrates that the role of legal professionals in financial transactions is significant and high volumes of funds are potentially exposed,” reads the report. 

“While the vast majority of legal professionals undertake legitimate transactions, suspicious transaction reporting submitted to FINTRAC indicates that many professional money laundering schemes may rely on the involvement of a legal professional.”

Read full report: https://tnc.news/2024/11/10/money-laundering-lawyers-fintrac/