VANCOUVER—Canada’s federal anti-money-laundering regime is ineffective, according to a new report commissioned by British Columbia that lays much of the blame for the province’s infestation of illicit funds on the federal government and its agencies.
“However, serious questions have been raised about the effectiveness of that regime in relation to money laundering in the province of British Columbia.” Cullen’s report was meant to examine the scope, growth and reason for such large amounts of money being laundered through the province. It heard from nearly 200 witnesses. He said the public is “rightfully disturbed” about money laundering, adding it deserves attention from law enforcement and government.
FINTRAC gathers information to weed out suspected money launderers and forwards it to law enforcement, but Cullen wrote the system is not working due to constraints on how the federal agency shares information.
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Time to change name to auntie's money laundering business..
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