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ARTICLE · 01 JUNE 2021

Snow Washing Is Now More Difficult In Canada, But At What Cost?

Gardiner Roberts LLP
Gardiner Roberts LLP
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For several years, the Canadian government has begun to focus on "snow washing", the purifying of illegitimate funds through using shell corporations to launder money in Canada.

CanadaCriminal Law
Kenneth Jull
Kenneth Jull
Ian Spiegel
Ian Spiegel
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For several years, the Canadian government has begun to focus on "snow washing", the purifying of illegitimate funds through using shell corporations to launder money in Canada. The Annual Budget in 2018 sought to address this issue, but the measures taken were met with wide criticism. The Annual Budget in 2021 has expanded those measures with a view to make snow washing even more difficult in Canada. However, there may be unintended consequences for legitimate businesses.

2018 Annual Budget

The Budget Implementation Act, 2018, No. 2 (Bill C-86) added the following to the Canada Business Corporations Act (CBCA), partly as a reaction to information leaks, such as the release of the Panama Papers1:

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