Canada did not fight effectively to counter money laundering from the crime, according to a report by the Standing Senate Committee on Banking Trade and Commerce.
The diagnosis is scathing. “The Committee is not convinced that departments and agencies that administer the scheme effectively collaborate with each other nor are they accountable,” it said in the statement text.
Centre Transactions and Reports Analysis Centre of Canada (FINTRAC) is the body responsible for consolidating all the information collected by government agencies. He received 20 million returns last year. The plan is expensive, about $ 65 million budget last year and the results are unsatisfactory.
Reporting authorities under the Act on the Proceeds of Crime and Terrorist Financing are the Canada Revenue Agency (CRA), the RCMP, Border Services Agency Canada (CBSA), Public Prosecution Service of Canada, the Ministry of Finance and the Ministry of Justice.
While nearly 60,000 suspicious transactions were discovered in 2010 and 661 people were accused of laundering proceeds of crime, many investigations have not led. Difficult to know why. “They require a greater investment in human resources,” reads the draft report.
Detailed news link(in French): Le Canada, paradis du blanchiment de l’argent criminel? (translated in English: click here)