Posted on October 31, 2014
This story is interesting for a number of reasons. First and foremost it demonstrates that criminals are beginning to realize that financial institutions are not the best places to place the proceeds of their crimes. Our businessman chose to hide the cash in his home instead of risking it all by placing it in a bank. It is another example of the China's clampdown on corruption. But it also serves as a warning to Canada's Reporting Entities that as AML compliance regimes in financial institutions become increasingly robust, money launderers will start to look to other sectors to convert and conceal the proceeds of their crime. Are you ready for them.