Canada needs to strengthen its capacity to investigate and prosecute sophisticated money laundering operations, a report from an international watchdog suggests.
The Financial Action Task Force (FATF) this week released findings from an evaluation it completed with the Asia-Pacific Group on Money Laundering (APG) on Canada’s performance.
The evaluation, which started in November, found that Canada has robust investigative capabilities, but it struggles to secure convictions for professional and standalone money laundering cases.
“As a major global economy, Canada has a strong understanding of the illicit finance risks it is facing, and has taken significant steps to strengthen corporate transparency and the use of financial intelligence since its last mutual evaluation,” FATF president Giles Thomson said in a media statement. “However, with the threats posed by fraudsters, organized crime networks and professional money launderers, Canada must step up efforts to investigate and prosecute complex money laundering cases, and strengthen oversight in the sectors most vulnerable to abuse.”…