The system is working as designed.
A vast “financial underworld” is operating in Canada whose members commit fraud and other financial crimes without punishment, corroding communities, undermining democratic institutions and even the country’s prosperity, the authors of a new book say.
That’s because elected leaders at all levels are enabling and emboldening financial criminals by failing to fight them or even try to hamper their lawbreaking efforts, according to the co-authors of Dirty Money: Financial Crime in Canada.
“Canada is a preferred destination to launder ill-gotten gains with impunity,” say Jamie Ferrill and Christian Leuprecht, the co-editors of Dirty Money. They also wrote some of its 16 chapters. […]
One chapter examines the mysterious workings of the country’s super-secret financial intelligence agency, the Financial Transactions and Reports Analysis Centre of Canada, known as FINTRAC.
Katarzyna McNaughton, a visiting post-doctoral fellow at the Royal Military College of Canada in Kingston, Ont., reveals that FINTRAC produces and delivers a large volume of proactive disclosures about potential major financial crimes to police agencies.
However, the intelligence disclosures often sit unused or acted upon inside police services because investigators are already overwhelmed with their own mountain of cases, McNaughton writes, quoting an unidentified former FINTRAC worker as her source.
(h/t David M)