- The Auditor General tabled a performance audit in Parliament.
- FINTRAC reports detailing weak oversight were tabled in the House of Commons following an Auditor General review.
Auditor General Karen Hogan warns FinTRAC is too slow in anti-money laundering efforts
- Reports
- 4
- Developments
- 1
- Repetition
- 75%
New informationRepeats or wire copies
What happened
Karen Hogan's audit warns that the Financial Transactions and Reports Analysis Centre of Canada is operating too slowly. The report states that it can take the agency about four months on average to pass intelligence to law enforcement, partly due to its IT systems. Hogan found that the agency did not effectively oversee compliance with Canada’s anti-money laundering laws.
From delta-optimist.com
Why it matters
The Financial Transactions and Reports Analysis Centre of Canada plays a key role in Canada’s anti-money laundering and anti-terrorist financing regime. The audit suggests that the agency's slow pace could hamper law enforcement's ability to freeze assets, intercept transactions, and make arrests to stop money laundering.
FINTRAC reports detailing weak oversight were tabled in the House of Commons following an Auditor General review.
From delta-optimist.com
Who's involved
- Karen HoganCanadian government official who conducted the audit and tabled reports in Parliament.
- Financial Transactions and Reports Analysis Centre of CanadaNational financial intelligence agency of Canada criticized for slow operational pace.