First there was the Bank of Canada and it was chartered by and under the Bank of Canada Act on July 3, 1934, as a privately owned corporation. In 1938 the bank was legally designed a Federal Crown Corporation, the essential role of the bank as Canada’s Central Bank is to promote the economic and financial well-being of Canada.
The bank of Canada building is located at 234 Wellington St. in Ottawa.
Bank of Canada purchases an equity stake in the African Financial Group (NSIA)
Royal Bank of Canada and it’s subsidiaries account for 378 shell companies registered in the Mossack Fonseca data,the diversion of wealth from government tax coffers in countries such as Canada, Britain, and the US into selective bank accounts in tax havens. Thou the laws are broken it is tolerated and even encouraged by the law.
350 Canadian companies paid Mossack Fonseca a Panamanian law firm to hide money in off shore accounts. Canadians have declared 199 billion in off shore tax havens to Statistics Canada, experts say that is a small fraction of the Canadian wealth. For Canadians this means lost billions each year to tax havens, says Murray Rankin former finance critic for the NDP.
Globally the government is losing an estimated 190 billion each year to this problem, Alain Deneault a sociologist at the University of Montreal says that we must take the bull by the horns and legislate against the tax havens treating them as adversaries not allies.
The Panama Papers a trove of more than 11.5 million documents from the law firm of Mossack Fonseca details a series of holdings or 12 current and former world leaders, billionaires, and celebrities. Records of companies by prime ministers of Iceland, Pakistan, Saudi Arabia, and the children of Azerbaijar. Documents with 33 companies blacklisted by the US for dealing with drug lords, terrorist organization, and rogue nations like North Korea, Iran.
Records show that Pedro Damiani a member of FIFA caught accepting bribes, Lionel Messi of Mega Star Ent. in under investigation for tax evasion. The precise annual cost to tax payers is estimated to be 6 to 7.8 billion each year. There is a much darker element that Canadians are not aware of. Terrorist financing, money laundering, and corruption are among the by products of off shore securities.
Canadian lawyer based in Dubai provided legal services to nearly 900 companies establishing themselves in tax havens including three ties to violence in Syria. The documents also show Mossack Fonseca considered Canada itself a potential tax haven.