A draft study commissioned by the Public Safety Department, reported in Investment Executive, warns that Canada’s multi-jurisdictional regulatory system leaves the securities system vulnerable to organized crime. The study highlights several weaknesses that FAIR Canada identified in its Report on a Decade of Financial Scandals, including “a lack of co-ordination and political will to target violators, complicated multi-jurisdictional regulatory systems, the low priority afforded to fraud by police and prosecution, and the lack of timely and effective enforcement and prosecution”. It also suggests that the light penalties open the system to criminal infiltration and suggests underscoring the seriousness of market offences. The draft study also calls for an integrated intelligence model to centralize information from regulators, enforcement bodies, industry, academia, and victims. FAIR Canada continues to push for an expert national agency dedicated to combating financial fraud to enhance protection for Canadian investors.
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