Listen to this article
Estimated 1 minute
The audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.
Canada’s financial intelligence agency has been slow to provide police with information needed to curb money laundering, according to a new report from the federal auditor general.
The report, tabled in the House of Commons on Thursday, said inadequate tools and delays in providing financial intelligence had limited the ability of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to “effectively carry out its role.”
FINTRAC, which is tasked with trying to detect and deter money laundering and the financing of terrorist activities, took an average of about four months to provide financial intelligence after law enforcement agencies flagged concerns.
“According to our survey of recipients of FINTRAC’s financial intelligence, half of the respondents said they received this information too late to be useful,” the report found.
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 added.
