Canada

Now, an investigation from the Investigative Journalism Foundation and CTV News shines new light on how Canadian shell companies and registries were used to pull off the scheme.

The investigation — based on dozens of corporate filings, interviews with experts and both domestic and international court records — found MTFE was part of a network of dozens of Canadian shell companies peddling similar cryptocurrency investment schemes.

But experts interviewed for this story, including former law enforcement and intelligence officials, say the investigation highlights gaps in Canada’s enforcement that have made the country a waystation for financial crime.

“We’ve become such a weak link in the financial crime arena that we’re attracting all the business,” said Garry Clement, a former RCMP officer who investigated financial crime. “Because they know that virtually nothing is going to happen to them.”