Two-thirds of Canadian banks examined by regulators had “significant levels” of noncompliance with anti-money laundering rules, according to report to lawmakers reviewed by the Wall Street Journal. The Royal Canadian Mounted Police estimated in 2011 that between $3.8 billion to $11.5 billion is laundered in the country annually.
Critics of Canada’s approach say several factors limit its efforts, including strict privacy laws making it difficult to obtain warrants, a reluctance to prosecute, and the failure in some cases of banks to report suspicious transactions, the WSJ reported.
