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Canada can do more to prosecute sophisticated money laundering cases: watchdog report
The watchdog said Canada must secure more convictions and tighten supervision of real estate and precious metals dealers, citing 703 cases over five years.
- On Tuesday, the Financial Action Task Force upgraded Canada to 'regular follow-up' status, acknowledging improved anti-money laundering defences while identifying critical gaps in prosecuting complex financial crimes.
- This assessment marks an improvement from Canada's 2016 evaluation, when the country was placed in the 'enhanced follow-up' category meant for nations requiring major remedial actions.
- Prosecutors frequently withdraw money laundering charges to secure convictions for predicate offences; only 10 per cent of laundering charges resulted in guilty decisions during the five-year period assessed.
- Federal Finance Minister François-Philippe Champagne stated the report validates government efforts, noting Ottawa will enhance capacity to combat serious financial crime through a newly introduced federal agency.
- The FATF urges Canada to strengthen oversight of non-financial sectors, particularly real estate and precious metals dealers, to prevent organized crime groups from laundering illicit proceeds.
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32 Articles
Financial PostReposted by 
BizToc
BizTocCanada needs to do more to tackle financial crime despite recent improvements, says report
Canada has strengthened its defences against financial crimes in the past decade, according to a new report, but it still needs to improve how it investigates complex money laundering cases and monitors key sectors such as real estate and the non-financial industry. “Canada has a strong understanding of the illicit finance risks it is facing,” […]
·Toronto, Canada
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The Toronto Star+25 Reposted by 25 other sources
Canada can do more to prosecute sophisticated money laundering cases: watchdog report
OTTAWA - Canada is making strides in the fight against criminal efforts to disguise illicit cash but can do more to investigate and prosecute complex money laundering cases, says a
·Toronto, Canada
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CoinfomaniaReposted by 
Cryptocurrency News | Cryptocurrency Prices | Market Cap
Cryptocurrency News | Cryptocurrency Prices | Market CapFATF Says Canada’s AML Measures Evaluated in Recent Report
FATF news confirms completion of Canada’s AML compliance evaluation, emphasizing key findings. Here's why it matters for global standards.
Coverage Details
Total News Sources32
Leaning Left15Leaning Right1Center11Last UpdatedBias Distribution55% Left
Bias Distribution
- 55% of the sources lean Left
55% Left
L 55%
C 41%
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