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Financial Intelligence Watchdog Plagued by Delays, Auditor General Finds
The report said half of recipients found the intelligence too late to use, while FINTRAC disclosed only 23% of its intelligence in 2024-25.
- On Thursday, Auditor-General Karen Hogan reported that the Financial Transactions and Reports Analysis Centre of Canada is failing to provide timely intelligence to law enforcement, limiting efforts to detect money laundering and terrorist financing.
- Operational delays stem from outdated IT systems and manual processes, with FINTRAC struggling to clear a backlog of about 2,500 requests following a cyberattack that forced its registration system offline.
- Between January 2023 and June 2025, the agency took an average of 112 days to share intelligence; half of recipients surveyed said the information arrived too late to be useful against money laundering, which impacts up to $113 billion annually.
- Without timely intelligence, law enforcement agencies are limited in their ability to "freeze assets, intercept transactions or apprehend suspects to prevent money from being moved or laundered," the report stated.
- FINTRAC will receive a $37-million increase to supervisory resources over two years, while addressing recommendations from a recent Financial Action Task Force evaluation of Canada's anti-money-laundering regime.
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Financial intelligence agency slow to provide police with info to curb money laundering: AG
Inadequate tools and delays in providing financial intelligence have limited the ability of the Financial Transactions and Reports Analysis Centre of Canada to "effectively carry out its role," according to a new report from the federal auditor general.
·Ottawa, Canada
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The Toronto Star+27 Reposted by 27 other sources
Financial intelligence watchdog plagued by delays, auditor general finds
OTTAWA - The auditor general says Canada's financial intelligence watchdog is moving at a snail's pace when it comes to providing law enforcement with information to support criminal investigations.
·Toronto, Canada
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Coverage Details
Total News Sources32
Leaning Left23Leaning Right1Center6Last UpdatedBias Distribution77% Left
Bias Distribution
- 77% of the sources lean Left
77% Left
L 77%
C 20%
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