Build a real financial crimes force to hit terrorist financing |
As the federal government moves ahead with creating a new Financial Crimes Agency (FCA), a key question emerges: Will it transform Canada’s response to terrorist financing or simply add redundancy to an already crowded, ineffective system?
Terrorist organizations rely on complex networks to move funds across borders. To disrupt these flows, Canada needs an agency capable of bridging intelligence and enforcement. The success of the FCA will depend on whether it becomes a dedicated national police force capable of targeting the financiers of terrorism at home and abroad.
Canada’s largest metropolis is now joining global cities such as London and Paris, where tactical officers armed with rifles patrol high-risk public places. The Toronto Police’s new Counter-Terrorism Security Unit is a visible reminder that terror attacks are not distant threats. However, increasing police resources is only part of the solution. Going after the financial lifelines that enable terrorist activity is just as critical.
The FCA can do just that if it is designed to deliver real impact. It should be housed within Public Safety Canada to achieve a security purpose and operational autonomy; absorb FINTRAC to strengthen co-ordination and collaboration; and operate as a full-fledged law enforcement agency with police powers to investigate, arrest and charge perpetrators.
Intelligence gathering alone doesn’t dismantle terrorist networks
Canada’s current approach still suffers from an intelligence‑to‑enforcement gap. Despite a two-decade-old system for monitoring suspicious transactions, the country lacks effective financial crime enforcement.
FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada, is a civilian body that collects and analyzes reports from banks, credit unions and money services businesses. It is not a law enforcement agency. It does not directly fight criminals........