Opinion: Fintrac priorities are flagging suspected connections to terrorist financing, human trafficking, child sexual exploitation and fentanyl, not criminal money laundering.
VICTORIA — Canada’s official watchdog on the proceeds of crime is little more than a collector of information — and not a very effective one at that, according to money-laundering expert Peter German.
“It is widely believed that Fintrac is in the business of catching financial criminals,” says German. This is not quite correct. Fintrac is not a law enforcement body. In fact, law enforcement officers are not permitted to work in its premises due to charter of rights and privacy concerns. But Fintrac priorities are flagging suspected connections to terrorist financing, human trafficking, child sexual exploitation and fentanyl, not criminal money laundering.“A belief has developed among many reporting entities that their compliance dollars are being wasted,” says German. “In some cases, there is actual disdain for the work of Fintrac.”
“The challenge ended after Fintrac’s entire scheme of administrative penalties was struck down by the Federal Court of Canada.” German suggests improving the lines of communication, toughening enforcement and broadening reporting requirements to include all cash transactions of $10,000 or greater.For as he explains, responsibility for Fintrac is buried “deep in the labyrinth of the federal Ministry of Finance” and the ministry itself “is not a law enforcement body.”
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