BC feared cracking down on Money Laundering, because it would hurt the provincial bottom line
(www.theglobeandmail.com)
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I have personally had two bank accounts shut down for purchasing crypto-currency due to "money laundering risk" and have been warned by other banks. So I can't say that I am sympathetic to Know Your Customer/Anti-Money Laundering laws. The Canadians banks go after small fish like me but then turn a blind eye to Chinese drug cartels buying homes with dirty fentanyl money. This is why KYC/AML laws are bullshit. If you're going to go after me for being a civil libertarian hippie buying crypto from other similarly eccentric characters and potentially sketchy people but not go after Chinese money launderers, how are you supposed to expect me to listen to authority?
Yeah I saw a story on CBC about "snow washing". About how Canada is notorious for fucking money laundering. And in my head I was saying, "hey wait a minute, I have had bank accounts terminated for suspected money laundering, the banks never had any evidence that I was doing anything illegal. I don't see any snow washing? Where is this snow washing?" Our society is incredibly classist. Rules for thee not for me. The wealthy elite around the world can money launder all they want. While little fish like me who just want to make some money off crypto get investigated for money laundering and have their bank accounts terminated.