Good morning. This is Sarah Berman.
Experts are sounding the alarm about Canada’s illicit crypto exchange problem, saying anonymous crypto-to-cash deals have opened up a new way to launder money.
We'll look at two international platforms that proposed to deliver as much as $1 million in cash to a location in Montreal in exchange for cryptocurrency, and a Toronto storefront that shelled out $1,900 US without checking ID.
More on that below. |
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Illicit crypto-to-cash deals are unlocking new ways to launder money in Canada
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(Radio-Canada)
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Canada has long had a problem with dirty money in its economy, whether in banking or real estate. But the advent of anonymous crypto-to-cash services has opened up new frontiers for potential laundering and illicit finance, experts say.
What’s happening: Crypto exchange companies in Canada are evading laws by offering to buy thousands of dollars in digital currencies without proper registration or without checking ID. When an undercover reporter asked to exchange 2,000 tether tokens for U.S. cash, a midtown Toronto storefront did so without asking to see identification.
What the law says: It is illegal under Canada's anti-laundering regulations for a money transfer business to remit $1,000 or more, including from cryptocurrencies, to someone without recording the recipient's personal information and details about all the accounts involved in the transaction. It’s also illegal to perform these transactions without registering with FINTRAC, Canada's national financial intelligence agency.
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Rogers customers spend hours on hold to resolve simple issues amid call centre layoffs
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(Tyson Koschik/CBC)
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Rogers customers say they’re furious about what they say is a lack of customer service — spending hours and hours trying to cancel services or fix bills — as workers who handled Rogers customer service calls get laid off.
What’s happening: Anil Sedha, seen above, decided to cancel his Rogers internet service last summer. But it wasn’t as easy as going online and clicking a few buttons. Sedha estimates he spent seven hours over several weeks trapped in a maze of hold music, dropped calls and endless transfers between departments. He’s one of dozens of Canadians who reached out to Go Public to share their frustrations about Rogers.
What’s to blame: While Canadians complain about poor customer service, Rogers appears to be reducing the number of people who handle those calls. Go Public looked into call centre layoffs, a recent embrace of artificial intelligence tools and a lack of competition in the telco industry.
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Liberals 'ready for an election' if budget vote fails
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(The Canadian Press)
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Liberal Party whip Mark Gerretsen says his government is prepared for an election if it loses a crucial confidence vote later today. If every MP votes, the minority Liberals will need opposition support to pass the budget and stave off an election.
Political calculus: After Nova Scotia MP Chris d’Entremont crossed the floor from the Conservative Party to the Liberals earlier this month, the Liberals gained one vote — bringing its seat total to 170. They'll need 172 to survive if all members vote.
Where the parties stand: The Conservatives and the Bloc Québécois have said they'll oppose the budget motion. That leaves the NDP, with its seven seats, holding the balance. The party has yet to declare how it will vote. Green Party Leader Elizabeth May says she’s still undecided.
Remaining questions: Earlier this month, interim NDP Leader Don Davies said his party has "serious concerns" and "questions" about the budget — but said the party would weigh its options. If the NDP decide they don’t want to support the budget, they could opt to have some or all of their MPs abstain. Darren Major has more on that.
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IN LIGHTER NEWS
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Banff’s infamous grizzly 'The Boss' continues to dominate Bow Valley — but he’s got competition
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