OTTAWA - A new report says Canada's financial institutions have almost no idea how they're faring in the fight against terrorist transactions.
The report prepared for the Air India inquiry says that's because federal security agencies give banks, credit unions, the insurance industry and others little if any feedback on their efforts to report shady money dealing.
There is concern that laws governing the federal anti-money laundering agency, CSIS and the RCMP may prevent these agencies from providing such feedback.
The report also says terrorist watch lists are seen as ineffective because they include few details beyond a person's name, resulting in many false positives.
The federal inquiry commissioned the report from Deloitte and Touche's forensic services division.
The inquiry is probing the 1985 terrorist bombing of Air India Flight 182, which killed 329 people, most of them Canadians.
