Canada's Role in the Global Fight Against Money Laundering

Money laundering has been recognized in Canada and internationally as a serious threat to the stability of financial systems, to public safety, and even to emerging democracies. The International Monetary Fund (IMF) (2008) estimates the magnitude of money laundering is about 3-5 percent of the world's Gross Domestic Product (GDP). Using 2007 World Bank data, global GDP is approximately $72.3 trillion. In other words, international money laundering can be estimated at between approximately $2.17 and $3.61 trillion a year. Ten years ago, the generally accepted estimate of international money laundering was in the range of $300-$500 billion. Although international economic growth accounts for a large percentage of the increase in international money laundering, there is also a greater understanding of new threats, methodologies, and diverse laundering systems.

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The federal government also supports international efforts to combat money laundering and terrorist financing through participation in international fora, the signing of international treaties and Memorandum of Understanding (MOUs) and other text, and through joint-force operations.

Click here to find out more about international efforts to combat money laundering and terrorist financing.