Behind the lululemon pants, self-righteous activists and veneer of decency, Vancouver operates largely absent of corporate governance.
The last two years really haven't been good for Vancouver's finance sectors's facade of regulatory control. The United States' Department of Justice (DOJ), the Office of Foreign Asset Control and the Postal Inspection Service announced civil and criminal actions against Vancouver-based PacNet Service Limited after officially designating it a Transnational Criminal Organization.
PacNet is accused of deliberately ignoring regulatory orders while processing payments for mail order scams on an industrial level and enabling fraud against consumers for over 20 years. A copy of the DOJ's announcement can be found here.
The last two years really haven't been good for Vancouver's finance sectors's facade of regulatory control. The United States' Department of Justice (DOJ), the Office of Foreign Asset Control and the Postal Inspection Service announced civil and criminal actions against Vancouver-based PacNet Service Limited after officially designating it a Transnational Criminal Organization.
PacNet is accused of deliberately ignoring regulatory orders while processing payments for mail order scams on an industrial level and enabling fraud against consumers for over 20 years. A copy of the DOJ's announcement can be found here.
Canadian and British Columbian regulators were caught with their pants down including the national agency FINTRAC. To date, Canadian authorities have largely taken a hands off approach to the case - no raids, no regulatory filings, and no publicly reported investigations.
Canadian enforcement failings are emblematic of a general trend north of the border towards process over content in terms of regulatory proceedings and government action. In contrast, American authorities are already seeking sentences of up to 20 years against PacNet associates Michael Rossi and Glen Burke of Las Vegas.
Oh Canada!
Oh Canada!
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