2017 Round Up of Fraud in Canada

We’ve been sharing updates and news about fraud in Canada for the past year, and it looks like corrupt activities and fraud are not going to stop any time soon.

Not So Clean After All, Eh?

Although Canada has quite a positive image compared to nearby countries south of the border, it still got infiltrated by not so good entities and those who have less than honourable intentions as evidenced by numerous fraud articles we featured the past year.

People with tendencies towards fraud are not as rare as you might think in Canada. In fact, a recent Equifax survey found out that as much as 13% of Canadians think that lying on a mortgage application is perfectly okay. Another 16% think that doing so will not aggravate anyone (just to be clear, it is far from being a victimless crime). Herein lies part of the problem.

Another avenue for fraud was revealed by a joint investigation by CBC and Toronto Star, showing that Canada is a great place to hide assets, giving rise to the ‘Canadian Snow Washing’ scandal.

More Fraud Everywhere

Cons involving digital currencies (or crypto currencies) such as Bitcoin defrauded Canadians out of $1.7 million. Although the figure is small given the overall estimates of losses due to fraud, the fact that digital currencies are shrouded in anonymity is a huge concern. Bitcoin itself has trouble brewing as the sharp rise in it’s value has Swiss bank UBS saying that the pattern has the hallmarks of a bubble (that can burst anytime).

International Trouble with Severe Domestic Implications

An investigation involving Malaysia’s Serawak state governor Abdul Taib Mahmud placed Canada in the international fraud limelight, with the allegedly corrupt governor’s daughter Jamilah Taib Murray living in Ottawa for years.

Taib Murray was found by Swiss NGO Bruno Manser Fonds (BMF) organization to be in charge of $250 million in Canadian dollars of real estate holdings. Her huge real estate holdings are deemed as the product of her father’s abuse of his public office which is linked to the pillaging of timber from the rainforests of Borneo.

Jamilah Taib Murray vehemently denies that there’s any truth to the allegations. She claims that the growth of her wealth was due to her smart business choices and that the only money she received from her father that has any link to her holdings was part of his gratuity when he resigned from the Malaysian government.

In view of the above, there is a move to seek a disclosure order against an auditor and Canadian financial institutions that hold objective and relevant evidence related to Taib Murray’s case of alleged grand public corruption perpetrated against the people of Malaysia while in Canadian soil.

This case carries a profound relevance concerning fraud in Canada. If the allegations above are true, then it means that quite a number of individuals in Canada were involved in some serious misconduct. The way this case will be handled will establish a precedent on how future cases will play in terms of getting financial disclosure for private prosecutions.

Want to take an active stance against preventing fraud in your life and business this year? Contact us for a consultation on the many ways our private investigation services can help you!

 

Summary
2017 Round Up of Fraud in Canada
Article Name
2017 Round Up of Fraud in Canada
Description
Although Canada has quite a positive image compared to nearby countries south of the border, it still got infiltrated by not so good entities and those who have less than honourable intentions as evidenced by numerous fraud articles we featured the past year.
Author
Haywood Hunt & Associates Inc - Toronto & Mississauga Private Investigators