I can't comment on whether it's been successful as a law enforcement mechanism. Also, I believe Professor Gail Henderson at Queen's University has written a paper on this and suggests that it's only been used on a very small number of occasions by law enforcement. I would say it's probably not succeeding on that front as well as not succeeding as a consumer protection measure.
I would only say in conclusion that I think we need to aim higher. We should be aiming to have financial products and services available to Canadians at all income levels that help them build their financial well-being. If our only bar is that if it's not criminal or it does not actually involve a member of organized crime physically harming you, then it's good enough, that's a pretty low bar and it's not really sufficient for Canadians.