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.

Audits of major national security programs raise concerns for privacy

OTTAWA, November 17, 2009 — The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has more personal information in its database than it needs, uses or has the legislative authority to receive.

This was one of the key findings of the Privacy Commissioner of Canada’s in-depth audit of the independent agency mandated to analyze financial transactions and identify suspected money laundering and terrorist financing in Canada.