TORONTO – As China imposed a sweeping national security law in Hong Kong last year after massive protests, residents of the city moved tens of billions of dollars across the globe to Canada, where thousands are hoping to forge a new future.
Capital flows out of Hong Kong banks reaching Canada rose to their highest levels on record last year, with about C$43.6 billion ($34.8 billion) in electronic funds transfers (EFT) recorded by FINTRAC, Canada’s anti-money laundering agency, which receives reports on transfers above C$10,000.
The previously unreported outflows, the highest since 2012 when the earliest FINTRAC records are available, are the first evidence o…
Keep on reading: Canada calling? Hong Kong residents shift billions abroad after clampdown