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Report on money-laundering points finger at banks

Report on money-laundering points finger at banks

Ottawa’s secret report on money-laundering points finger at Canada’s banks

Source: CBC News
Author: Dean Beeby

An internal report by Ottawa’s money-laundering watchdog paints a picture of Canada’s banks that’s far less flattering than the one presented in a sanitized report it issued for Parliament and the public.

The Financial Transactions and Reports Analysis Centre, known as Fintrac, released its 2016-2017 annual report through Parliament last November. In it, the organization praises the banking sector for fighting human trafficking in the sex trade.

“Canada’s major banks, led by the Bank of Montreal, invited Fintrac and police to work together to target this heinous and often hidden crime by focusing on the money laundering component of the crime,” says the upbeat report in reference to Project Protect, which started in 2016.

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