Liberals Issue Public Report Praising Banks But Hold Back Secret Internal Report on Money Laundering

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jerrym
Liberals Issue Public Report Praising Banks But Hold Back Secret Internal Report on Money Laundering

The Liberal government realeased a Financial Transactions and Reports Analysis Centre report that praised Canadian Banks, but a secret internal report found many were involved in money laundering. 

There are $32 trillion dollars hiden in  global offshore tax havens (http://www.cbc.ca/news/politics/money-laundering-banks-terror-1.4603064) with Canada losing an estimated $10 to $15 billion in lost tax revenues from offshore tax havens (https://www.huffingtonpost.ca/2017/11/07/paradise-papers-canada-losing-b...), let alone other sources of tax evasion and  money laundering. This money could be use to extend a broad range of social programs and/or reduce taxes for those who pay their taxes legally. 

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. ...

A confidential annual report — described as "not meant for public release" — was delivered to Finance Minister Bill Morneau weeks earlier. That report looks at Fintrac's probes of nine banks in 2016-2017. ...

"In examinations of the banking sector … 67% were found to have significant levels of non-compliance," says the report for Morneau. ...

Parts of the report detailing the banks' failings have been blacked out under sections of the Act that protect advice and law-enforcement investigations.

The banks' poor showing is somewhat better than the "significant" non-compliance Fintrac found in the real-estate sector (75%) and the money-services sector, such as payday loans (69%), though the agency cautions that performance cannot be directly compared across sectors. Seven casinos selected for inspection did better than the banks, with just 29 per cent showing "significant" non-compliance. ...

Fintrac has come under fire before for protecting a Canadian bank from public scrutiny. The agency announced in April 2016 that it had fined a Canadian bank $1.15 million for breaking money-laundering rules — a record high for such a fine — but granted the institution anonymity. CBC News later reported the offending institution was Manulife Bank, and questions were raised about why Gérald Cossette, then Fintrac's director, acted to protect the bank's reputation.

http://www.cbc.ca/news/politics/money-laundering-banks-terror-1.4603064