Offshore Accounts in Vancouver Market
Vancouver, B.C. – August 5, 2006
Integrated Market Enforcement Team (“IMET”) is
interviewing a significant number of Vancouver-area residents
identified as the beneficial owners of securities accounts at a
brokerage firm located in a Caribbean jurisdiction.
of a complex national and international investigation led by the
Moncton, New Brunswick
Integrated Proceeds of Crime Unit, the RCMP
came into possession of approximately 65 bankers’ boxes of records
from a brokerage firm located in an offshore jurisdiction. A large
number of the records relate to accounts held on behalf of Vancouver
residents, many of whom have links to the securities industry, or
traded in United States or Canadian securities.
secret offshore accounts facilitates abusive trading practices,
including insider trading, wash trading and illegal distributions,
and ultimately undermines confidence in Canadian capital markets.
The investigation is being undertaken to determine if the account
holders complied with Canadian criminal, securities and tax laws.
Because this is an ongoing investigation, the manner in
which the records were acquired, the name of the offshore brokerage
firm and its location can not be disclosed.
Backgrounder: Integrated Market Enforcement Teams
The IMETs are a group of highly specialized
investigators and support staff dedicated to ensuring that those who
commit capital markets fraud offences will be detected, charged and
prosecuted in an effective and timely fashion.
IMET is comprised of RCMP, Vancouver Police Department, British
Columbia Securities Commission and Canada Revenue Agency
investigators, Department of Justice Canada legal advisors, a
forensic accountant and specialized support staff.
objective of the IMETs is to enhance the protection of Canada’s
capital markets and publicly traded companies and ensure investor
confidence in their efficient functioning in order to maintain
Canada’s competitiveness with other countries.
Backgrounder: Canada Revenue Agency’s Voluntary
Canada Revenue Agency’s Voluntary
Disclosure Program allows clients to come forward and correct
inaccurate or incomplete information or disclose material they did
not report during previous dealings with the Canada Revenue Agency,
without penalty or prosecution. All information provided to the
Canada Revenue Agency through the Voluntary Disclosures Program is
confidential. This disclosure must occur prior to any action or
investigation initiated by Canada Revenue Agency. For more
information on the program, please go to
Voluntary Disclosures Program
Backgrounder: Definition: “Wash Trading”
trading" is the common term for a securities trade that involves no
change in beneficial ownership. Such trades are prohibited by
section 382 of the Criminal Code.
Integrated Market Enforcement Team
2200 - 401 W Georgia