Canada should improve its investigation and prosecution of sophisticated money-laundering cases, the Financial Action Task Force (FATF), a global anti-money-laundering watchdog, said in a review released Sept. 29. Government data estimates that C$45 billion to C$113 billion ($32 billion to $80 billion) is laundered in Canada annually. The FATF said Canada faces material risks from drug trafficking, fraud, commercial trade fraud and tax crimes, often involving organized crime groups and professional money-laundering intermediaries. It awarded Canada a compliant grade, citing improvements since its 2016 report, while recommending measures to be completed within three years, including stronger risk-based supervision, greater focus on major cases and recovery of criminal assets. Finance Minister Francois-Philippe Champagne said a planned Financial Crimes Agency would strengthen the country's ability to combat complex financial crimes, and Canada would review and adopt the recommendations.