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The court exercised its inherent jurisdiction to allow an investment manager to pay funds into court to avoid potential money laundering liability.
East West Investment Management Corporation sought an order to pay funds into court or a declaration that its continued management of funds for Thomas Higgins and the TRH Foundation did not contravene the Criminal Code, due to a risk that the funds might constitute proceeds of crime from a German tax fraud scheme involving Maple Bank.
The court, exercising its inherent and supervisory jurisdiction over trusts, granted the order allowing East West to pay CDN$4,398,168 into court, with the consent of the respondents, to mitigate East West's risk of liability under money laundering laws.
