Anti-corruption advocate hopes new financial crime body can start ‘scaring bad guys’
Anti-corruption advocate James Cohen says Canada’s reputation has for years been “hammered” over its weak record of prosecuting financial crimes.
He’s cautiously optimistic, but his organization also warns that the feds may be missing an opportunity to tackle corruption and securities fraud by focusing solely on money laundering. Cohen said it’s important to take the “opportunity to look at the full package of what is financial crime,” which includes corruption and bribery abroad by Canadian companies, as well as securities fraud and the often related offence of money laundering.
The authors urge the Canadian government to ensure that the new organization can co-ordinate effectively between multiple agencies, and create specialized teams of investigators and prosecutors to tackle financial crimes while filling in “gaps” in enforcement.
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