Financial Crime World

Title: Transparency International Canada’s Cautious Optimism Over Canada’s New Federal Financial Crime Agency

CTV News, May 12, 2023 – Ottawa, ON

Transparency International Canada (TIC) has expressed hopes and concerns regarding the Trudeau government’s plan to create a new federal financial crime agency. While the organization views this move as a positive step, they caution against potential oversights in addressing corruption and securities fraud.

Hope for an Effective Approach

  • TIC sees the new federal financial crime agency as a potential central repository for investigating and prosecuting financial crimes.
  • The agency could streamline efforts to combat money laundering, terrorist financing, and other financial crimes.

Concerns Over Mandate and Overlaps

  • TIC’s Executive Director, Jacqueline Bonisteel, emphasized the need for a clear mandate for the new agency to avoid potential overlaps with existing agencies.
  • To ensure alignment with the financial sector, TIC recommends the following:
    • Investigating and prosecuting complex financial crimes.
    • Building a robust intelligence unit.
    • Ensuring strong cooperation with international partners.

Filling the Gap in Financial Crimes Investigation

  • TIC’s recommendations come as the RCMP and the Competition Bureau face increased scrutiny for their handling of financial crimes.
  • The proposed agency could potentially address these concerns and provide a more effective approach to investigating and prosecuting financial crimes.

TIC’s Expectations – Providing Clarity, Adequate Resources, and Transparency

  • TIC’s paper emphasizes the importance of providing the agency with:
    • A clear and consistent mandate.
    • Adequate resources.
    • Transparency.

A Necessary Step in the Fight Against Corruption and Financial Crimes

TIC’s cautious optimism reflects:

  • Hope for a more effective approach to combating financial crimes.
  • Acknowledgment of the challenges and potential pitfalls.

The organization’s input could be critical in shaping the new federal financial crime agency to better serve Canadians in their fight against corruption and financial crimes.