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 [...]
An international watchdog, the Financial Action Task Force (FATF), has reported that Canada struggles to secure convictions in professional and standalone money laundering cases. While Canada possesses strong investigative capabilities and understands its illicit finance risks, the FATF urges it to increase efforts in investigating and prosecuting complex money laundering operations. This recommendation comes after an evaluation of Canada’s performance, completed with the Asia-Pacific Group on Money Laundering.
- 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.
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