The Globe and Mail reports in its Friday edition that Ottawa is once again planning to give Canada's top banking regulator a bigger stick to crack down on compliance failures by major financial institutions, which are at "very high risk" of being tainted by dirty money. The Globe's Rita Trichur writes that Ottawa plans to shift responsibility for anti-money-laundering and anti-terrorist-financing supervision from FinTRAC, to the Office of the Superintendent of Financial Institutions, also known as OSFI. The proposed shift of compliance oversight from the federal financial-crime watchdog to the country's main banking regulator represents a major overhaul of Canada's approach to combating serious crimes that threaten the financial system, national security and the country's ability to diversify trade. An estimated $45-billion to $113-billion is laundered in Canada each year, illicit proceeds that stem from crimes such as drug trafficking and trade-based fraud. The suboptimal effectiveness of regulators is part of the problem. Unsurprisingly, OSFI's eventual return to an anti-money-laundering oversight role in 2024 coincided with U.S. criminal charges against TD Bank. That was a black eye for Canadian regulators.