, telling three of its founding shareholders that they could be susceptible to Chinese government coercion. As The Globe previously reported, those individuals are also facing allegations from other Canadian financial institutions that they have engaged in money laundering, according to a letter sent to them by Ms. Freeland late last year.
Sarah Paquet, the chief executive of FINTRAC, said the agency “will continue to work with businesses to help them understand and comply with their obligations” under the law. “We will also be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
The Globe reported last month that Toronto-based Wealth One and three principal shareholders have been under investigation by the Canadian Security Intelligence Service since 2021 and, most recently, by officials in the federal Finance Department who deal with national security, according to two sources. The Globe did not identify the sources because they risk prosecution under the Security of Information Act.
Mr. Xian and Mr. Ou Yang have property and investments in China, according to information that was recently taken down from the Wealth One website.One of the sources said the government was prepared to rescind the bank’s charter but would likely take no further action providing the three men sold all their shares or significantly reduced their holdings in Wealth One. It is not clear if they have done so.
Alex Lawrence, communications director for Ms. Freeland, said last month that the government could not comment on its dealings with Wealth One.
Close them down
What about the Chinese state-owned companies that tapped into Canada's wage subsidy? Or Trudeau's meetings with the 'heavily armed' illegal casino operator?
It is a start. Much more oversight is required. Take some lessons from Australia.
While they made 100s of millions! The system is broken and rotten to the core !