An internal report from Canada’s financial crimes watchdog found that most banking and real estate companies it audited last year are not following the country’s anti-money laundering laws, sparking calls for greater oversight and higher fines.
The 2022/2023 report, prepared by the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC), found that only 106 out of 237 financial institutions complied with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
FinTRAC, which reports to the federal Finance Minister, works to identify and prevent dirty money from entering Canada by analyzing millions of documents submitted by reporting entities like banks, real estate businesses, casinos, and others.
Anne Gaviola has this exclusive story for Global News.
For more info, please go to
Subscribe to Global News Channel HERE:
Like Global News on Facebook HERE:
Follow Global News on Twitter HERE:
Follow Global News on Instagram HERE:
#GlobalNews #Finance #Canada
The respect and empathy shown in this discussion are heartwarming. It's a safe space for open dialogue.?
Trudeau uses Ukraine to launder money. If only these criminals could follow suit
Is this linked to banks labelling political donations as funding terrorism and money laundering?
FINTRAC giving failing grades to banks is like getting a F in an audit course. It doesn't impact the banks, it doesn't change their policies, it definitely doesn't stop tghe money laundering.
Wow and how long has this gone on? Decades and decades with politicians making money off know laundering. Liberals in BC carried this along as does the NDP. Yes and that is why China owns them.
They say Fintrac has been around for 23 years or so and they only started investigating a couple years ago. No wonder some people got lax in their paperwork. They had to be called out on it first.
To control housing prices, the Canadian ?? government needs to stop Chinese money laundering into the country.
there's nothing we can do about it until Trudeau is taken out
Vancouver is mickey mouse.
It’s why Canadians can no longer trust greedy politicians and our institutions as this country has been rife with the laundering. It’s why addiction and death are at record amounts to which the corrupt made millions these are the people we elect that are now up to their armpits in subversion of our democracy in favor of those with communist and totalitarian ideation. Yes Canada your politicians and all your institutions have fallen into out right corruption as have the banks and those in the real estate field. This has been going on for decades and those you trusted sold you out to the worst of the worst. Well done political elites and those who aided and
Like anyone is shocked.
No Surprise For Me = Money Laundering. Small FINE $$$$$$$ – will NOT hurt the Big Banks.
As long as our laws have no teeth, this type of behaviour will continue to run rampant.
wow…
Real estate brokers don't have an incentive to look or to report money laundering
I am pretty sure most of us can guess just WHY they don't have anti-money-laundering measures.
yer computer is frozen! and your bank accounts, and your cars, and your phone and your internet. and your encrypted for ransom until you pay a fee to service canada. Then they will rebuild your bank account and identity using government safe box machines, but only if you pay the ransom. yer ip address is alos tracked illegally, and your cars and location.
Both Trudeau Harper and most previous pms let all these black money come in.
Most western nations including Canada are corrupt as hell. Look at Swiss banks
"These failure rates are shocking to me."
PS. Just kidding, I know exactly who and how much money they made abusing these systems.
Unless your name is Donald Trump because then there's no victims!!!??
Duh
There should be a Parade for these people
They avoided giving the govt a dime
Blood money
Greed ?
Canada is a cash haven for dirty money… partly why home prices sky high today…
The BC government works with Asian gangs to launder money through casinos for fks sake
Front and center astronomy circles 18 years eclipse electrical grid system Kappeaie Rhode Island Eclipse Alchemy Data Systems
Should give a failing grade to the police too. They knew about but the government ordered them to not do anything. They all benefited from it. We all need to revolt and take our country back.