AML/ATF Regime On-line Survey

To assist in the 10 Year Evaluation of Canada’s Anti- Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime, FINTRAC is requesting input from key stakeholders on the AML/ATF Regime through the use of an on-line survey.

Address (English): short.capra.net/amlatf-en
Username: participant
Password: jRQ?67B

FINTRAC Director discusses anti-money laundering / anti-terrorist financing measures in federal budget

At presentations to the OSFI (Office of the Superintendent of Financial Institutions) conference and the Canadian Institute Anti-Money Laundering Conference in April 2010, Jeanne M. Flemming, the Director of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) discussed three anti-money laundering / anti-terrorist financing measures which were announced by the Minister of Finance in the recent federal budget.

The three measures are:
• an increase in FINTRAC’s operating budget,
• amendment to regulations under the Criminal Code to make tax evasion a predicate offence for money laundering, and
• amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act giving new authority to the Minister of Finance to issue directives to advise the financial sector of foreign jurisdictions and entities that pose a money laundering or terrorist financing risk, and to require appropriate countermeasures.

The full text of the speeches is available here and here.

Money Laundering and Terrorist Financing Typologies and Trends in Canadian Casinos

The Financial Transactions and Reports Analysis Centre of Canada has published the following report on its Web site: Money Laundering and Terrorist Financing Typologies and Trends in Canadian Casinos.

Amendments to U.S. Bank Secrecy Act to assist anti-money laundering efforts

On February 5, 2010, the Financial Crimes Enforcement Network (FinCEN) issued a final rule to amend the relevant Bank Secrecy Act information sharing rules to allow certain foreign law enforcement agencies, and State and local law enforcement agencies, to submit requests for information to financial institutions. The rule also clarifies that FinCEN itself, on its own behalf and on behalf of other appropriate components of the Department of the Treasury (“Treasury”), may submit such requests.

Modification of the information sharing rules is a part of Treasury’s continuing effort to increase the efficiency and effectiveness of its anti-money laundering and counter-terrorist financing policies.

Senate Subcommittee Report Exposes Money Laundering by PEPs

A report released on February 4, 2010 by Senator Carl Levin at a hearing of the Senate’s Permanent Subcommittee on Investigations exposes how corrupt foreign officials and their relatives have used gaps in U.S. law and the assistance of U.S. professionals to funnel millions of dollars in illicit money into the United States.
The report details how politically exposed persons have used the services of U.S. lawyers, lobbyists, real estate and escrow agents, and other professionals who currently have no obligation under U.S. regulations to establish anti-money laundering (“AML”) programs, know their customers, or evaluate the source of funds transferred into the United States.
The report presents four case histories, each with multiple stories exposing the tactics being used by PEPs to use the US financial system to protect and enhance their illicit funds.

FinCEN Mid-Year Numbers for 2009 Indicate Shifting Suspicious Activity

On January 22, 2010 the Financial Crimes Enforcement Network (FinCEN) released its latest edition of The SAR Activity Review - By the Numbers, which covers Suspicious Activity Report (SAR) filings for the first six months of 2009. Activities involving suspected check fraud, including traveler's checks and counterfeit checks show significant increases.

FINTRAC issues administrative monetary penalties against two entities

In December 2009, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) assessed administrative monetary penalties against two money services businesses for violating the Proceeds of Crime Money Laundering and Terrorist Financing Act (PCMLTFA).

FINTRAC’s Annual Report highlights efforts to follow the money trail

On November 17, 2009 The Minister of Finance tabled Parliament the 2008-09 Annual Report of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The report highlights that FINTRAC provided 556 case disclosures to law enforcement, the Canadian Security Intelligence Service, the Canada Revenue Agency, the Canada Border Services Agency, the Communications Security Establishment Canada and to foreign financial intelligence units.