Canada’s auditor general says Canada’s financial intelligence agency has struggled to effectively limit money laundering within Canada and provide law enforcement agencies with timely intelligence.
Auditor General Karen Hogan said in an Oct. 29 report that the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) “did not effectively carry out” its role in overseeing compliance with the country’s anti-money laundering laws.
She said it has also taken FINTRAC too long to provide intelligence to law enforcement agencies, diminishing its usefulness to them.
“Weak oversight due to inadequate tools and delays in providing financial data and information—known as financial intelligence—to law enforcement agencies and other authorized recipients limited FINTRAC’s ability to help detect, prevent, and deter money laundering and the financing of terrorist activities,” the report said….