The Globe and Mail reports in its Friday edition that Canada's financial regulators are about to find themselves in the hot seat. The Globe's Rita Trichur writes that the Financial Action Task Force (FATF), a global body that sets standards to combat money laundering and terrorist financing, is conducting a review of Canada's efforts to combat financial crime. One topic that will figure prominently in that evaluation is the effectiveness of regulators, including FinTRAC and the Office of the Superintendent of Financial Institutions -- the country's top banking regulator. Both FinTRAC and OSFI are responsible for supervising the anti-money-laundering compliance of banks. The FATF has cited issues with Canada's approach to regulation, supervision and monitoring in past reviews, but this year's evaluation comes in the wake of financial-crime scandals including one involving TD Bank. These money-laundering scandals have caused both FinTRAC and OSFI to lose face. On Thursday, meanwhile, the Wall Street Journal reported that Norway's $1.9-trillion (U.S.) sovereign wealth fund was placing TD "under observation" for four years over financial-crime concerns. Banks remain confused about which federal regulator is in charge.