Financial intelligence agency slow to provide police with info to curb money laundering: AG

Inadequate tools and delays in providing financial intelligence have limited the ability of the Financial Transactions and Reports Analysis Centre of Canada to "effectively carry out its role," according to a new report from the federal auditor general.

FINTRAC failing to 'effectively carry out its role,' auditor general report finds

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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.

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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.

ABOUT THE AUTHOR

Jillian Kestler-D'Amours is a senior writer at CBC based in Montreal. You can reach her at jillian.kestler-d.amours@cbc.ca.