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Back in March of this year, authorities in British Columbia filed an “unexplained wealth order” to seize a safety deposit box belonging to Michael Patryn, the co-founder of the now-defunct cryptocurrency exchange, Quadriga. That box contained over $250,000 in cash, 45 gold bars, luxury watches and jewellery. The unexplained wealth order compels Mr. Patryn to prove that he obtained those assets legally – or else, he could lose it.
Alexandra Posadzki is the Globe’s telecom reporter. She’s on the show to talk about this new legal tool that targets criminal rings and money launderers, and why critics say it could be a violation of Charter rights.
This new legal tool, the “unexplained wealth order,” is a step towards combatting financial crimes and ensuring transparency in asset ownership. It aims to hold individuals accountable for the sources of their wealth and disrupt illicit financial activities within the system.
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