Canadian bank headquarters stand on Bay Street in Toronto.Brent Lewi
The federal government is taking steps to clean up Canada's act when it comes to anti-money laundering and terrorist financing laws, though details about the expected changes are scarce.
The federal budget released Wednesday includes a trio of proposed changes to anti-money laundering laws and regulations "to support a resilient financial sector."
In recent years, Canada has received middling to low marks on a series of reports gauging countries' effectiveness at combatting financial crimes such as money laundering and terrorist financing. Varying estimates suggest that as much as billions of dollars – or even tens of billions – may be laundered through Canada each year. Story
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Canada joins China-backed Asian infrastructure bank
The Asian Infrastructure Investment Bank has made Canada a prospective member, welcoming Ottawa into an institution that marks one of China's leading efforts to take a place of global leadership.
Joining the bank will give Canada a voice at the table of a major new multinational organization, although with less voting clout than it might have wielded had it moved earlier, alongside 57 founding members.
"We're absolutely delighted that Canada has taken this step, and we look forward very much to Canada playing a very full and active role in the governance of the institution," said Danny Alexander, a vice-president at the bank. Story
DAILY DEALS
Credit Suisse Group AG is considering selling stock valued at more than 3 billion Swiss francs ($4.03-billion) as an alternative to its long-standing plan to raise capital by listing part of its Swiss unit, according to people with knowledge of the matter. Story
Oil giant Saudi Aramco IPO-ARMO.SE has selected Samba Capital as one of two banks to work as an adviser on its planned share sale in Riyadh, banking sources told Reuters on Thursday. Story (Reuters)
ELSEWHERE IN FINANCE
UBS, the world's biggest wealth manager, will impose a penalty charge on customers who park euros with the bank, one of the largest lenders to break what has been a taboo in finance as sub-zero interest rates bite. Story
Deutsche Bank has chosen a new office for its London headquarters, signaling a vote of confidence in Britain's capital despite the country's decision to leave the European Union. Story
In Asia, at least, U.S. financial institutions are climbing up the investment banking league tables while their euro-area counterparts sink. But champagne corks shouldn't be popping on Wall Street just yet. Story (Bloomberg)
The leading candidate to become Wall Street's next top cop has a strange view of U.S. markets. Story (Bloomberg)