The Globe and Mail reports in its Tuesday edition that Canada will avoid being "grey listed" globally after the completion of a review of its efforts to combat financial crime. The Globe's Rita Trichur writes that assessors from the Financial Action Task Force (FATF), a 40-member global body that sets standards to combat money laundering and terrorist financing, is evaluating Canada's measures to detect, deter and disrupt the flow of dirty money. The Asia/Pacific Group on Money Laundering, a related regional body with 42 members, is also participating in the evaluation. The FATF will publish a final report this fall. Canada's provisional ratings, which were assigned by the evaluation team ahead of this week's FATF plenary in Paris, are likely sufficient to prevent it from being added to the global body's "grey list" of countries that have weaker financial-crime controls. There had been concern that Canada faced an outside chance of landing on the FATF's grey list after this evaluation because of various factors. They include Canadian regulatory failings related to TD Bank's criminal case in the United States and Canada's weak record on enforcement, including convictions for criminals who abuse the financial system.
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