Business in Vancouver quoted Joven Narwal, a UBC law professor, for a story on the possibility that Canadian financial technology companies could be used to facilitate crimes like money laundering.
The U.S. government recently designated Vancouver’s Pacific Network Services Ltd and its affiliates as a “significant transnational criminal organization.” Narwal said this is problematic as there were no judicial findings against PacNet.
“I think that this is really a dangerous precedent to set because you’ve got the finding of this magnitude, which has a tremendous amount of stigma associated with it … and having the effect of completely obliterating their ability to do business without them being found guilty of anything,” said Narwal.
