Canada's Failure to Prevent Fraud
"Many people take for granted the integrity of the financial system. Sometimes I was told that capital markets fraud is not the same as other crimes. This is wrong. Fraud is not a victimless crime. Confidence in the integrity of capital markets translates into real benefits for our economy and for individual Canadians."
Yeah!
"Expectations for IMET sometimes confuse regulatory enforcement with criminal enforcement, without realizing that the latter has a much higher bar for laying charges or for conviction. Expectations of U.S.-style results are unrealistic, given Canada's different legal environment. For example, our lack of ability to compel those not being investigated to provide information, documents and data pre-trial, hampers investigations compared to the U.S. or U.K.. Also, as an example, charging people in stages in a major investigation, as is done in the U.S., is not feasible in Canada due to rules on full disclosure of the Crown's case to accused. "
Boo!
