Paris, Sept. 30 -- A new report by the Financial Action Task Force (FATF) and the Asia-Pacific Group on Money Laundering (APG) has found that while Canada possesses a mature and nuanced understanding of its illicit finance risks, the country urgently needs to step up the investigation and prosecution of complex money laundering cases to counter threats driven by drug trafficking, fraud, and tax crimes often linked to organised crime syndicates and professional money launderers.

According to a release issued by the global financial crime watchdog, the mutual evaluation concluded that Canada has strengthened its defences against illicit finance since its previous assessment, notably by improving corporate transparency and beneficial owners...