OTTAWA — December 3, 2007 — The Royal Canadian Mounted Police (RCMP) today released the Report to the Commissioner, entitled Enhancing Integrated Market Enforcement Teams, Achieving Results in Fighting Capital Markets Crime. The report, along with an accompanying statement from RCMP Commissioner William J. S. Elliott, is available on the RCMP website at
www.rcmp-grc.gc.ca/imets/report_lepan_2007_e.htm.
The report on IMETs was prepared by Senior Expert Advisor, and former Superintendent of Financial Institutions, Mr. Nick Le Pan.
For further information, media may contact the RCMP’s Public Affairs and Communication Services at (613) 993-2999.
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Background
Minister of Public Safety, Stockwell Day and the Minister of Finance, Jim Flaherty announced as part of a commitment in Budget 2007 that Mr. Nick Le Pan would serve as senior expert advisor to the RCMP on its Integrated Market Enforcement Teams (IMETs).
In that role, Mr. Le Pan was to develop and help implement a plan to improve the effectiveness of the RCMP’s IMETs.
The RCMP Integrated Market Enforcement Teams
Background
Minister of Public Safety, Stockwell Day and the Minister of Finance, Jim Flaherty announced as part of a commitment in Budget 2007 that Mr. Nick Le Pan would serve as senior expert advisor to the RCMP on its Integrated Market Enforcement Teams (IMETs).
In that role, Mr. Le Pan was to develop and help implement a plan to improve the effectiveness of the IMETs.
The RCMP Integrated Market Enforcement Teams
Budget 2003 provided up to $30 million a year over five years for a coordinated national
approach to the investigation and prosecution of serious capital markets fraud and other market-related crimes. The RCMP received $66 million from the Federal Government pursuant to this initiative since the inception of the Integrated Market Enforcement Teams (IMETs) in 2003.
This investment was part of Canada’s integrated approach to fostering investor confidence in Canadian Capital Markets in the wake of corporate scandals in the United States and elsewhere. Canada’s integrated response included the strengthening of enforcement and legislation in order to bolster confidence in Canada’s capital markets.
Part of that response focused on enforcement and the importance of having dedicated teams of highly qualified investigative personnel that possess specialized knowledge of financial markets. The IMET investigative pool is comprised of highly specialized financial crime RCMP investigators, Public Prosecution Service Canada legal advisors, securities regulators, representatives of other federal enforcement agencies, law enforcement agencies of local jurisdiction, forensic accountants and various support staff. The goal of these Integrated Market Enforcement Teams (IMETs) was to strengthen the law enforcement’s community’s ability to detect, investigate and deter capital market fraud.
Nine IMET teams are now up and running, fulfilling the initial commitments made in Budget 2003. Three of these teams are in Toronto, and two each in Calgary, Vancouver and Montreal. The teams are led by the RCMP in partnership with various other departments and agencies and work with provincial authorities and securities regulators to investigate capital-market fraud.
