Financial Watchdog Urges Canada to Step Up Prosecutions of Money-Laundering Schemes
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 [...]
TL;DR
- Canada needs to enhance its ability to investigate and prosecute sophisticated money laundering operations.
- An international watchdog, FATF, evaluated Canada's performance in combating money laundering.
- The evaluation found Canada has robust investigative capabilities but struggles with convictions in complex cases.
- Canada has a strong understanding of illicit finance risks and has improved corporate transparency.
- Efforts must be stepped up to investigate and prosecute complex money laundering cases and strengthen oversight in vulnerable sectors.