FinCEN Releases 15th Issue of The SAR Activity Review – Trends, Tips & Issues

The United States Financial Crimes Enforcement Network (FinCEN) has published Issue 15 of The SAR Activity Review – Trends, Tips & Issues (May 2009). The SAR Activity Review Index is now available on the FinCEN website. Topics are indexed alphabetically by subject matter. The Archive of Law Enforcement Cases published in The SAR Activity Review can also be accessed through the website.

FINTRAC presentation on April 20, 2009

On April 20, 2009, Jeanne M. Flemming, Director of Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) gave a presentation at the third annual managing internal and regulatory investigations conference held at the Osgoode Hall Law School in Toronto. She stated that money laundering has consequences for Canadian society because it allows criminal activity to expand and continue. As the criminals gain resources and power, the institutions of Canadian society - those that preserve law, order and good government - can suffer. We all have a stake in upholding the system's integrity and ensuring that dirty money stays out. (Read the Notes for the Presentation.)

FATF Report on Vulnerabilities of Casinos and Gaming Sector

The vulnerability of casinos was recognised in the revision of the FATF 40 Recommendations, with obligations on casinos being significantly enhanced. A recent report issued by the Financial Action Task Force (FATF) identifies current regional or global money laundering and terrorist financing threats on casinos and gaming. (Read the Vulnerabilities of Casinos and Gaming Sector Report.)

FinCEN Transfers All MSB Information to FinCEN.gov

The United States Financial Crimes Enforcement Network (FinCEN) has transferred all resources for money services businesses (MSBs) to the "financial institutions" section of its website. MSBs now will find all Bank Secrecy Act (BSA) information related to their industry in one place on www.fincen.gov. This change consolidates information for all industries subject to BSA reporting and recordkeeping requirements to a single website, and furthers FinCEN’s efforts to carry out its administration of the BSA in the most efficient and effective manner possible.

FINTRAC develops e-learning module on terrorist financing

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has developed an e-learning module that focuses on terrorist financing. By using this new product, reporting entities with obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act may be able to enhance their internal money laundering and terrorist financing risk assessment processes and facilitate employee training, both of which are essential elements of a compliance regime. (Access the Terrorist Financing E-learning Module.)

Key outcomes of the FATF XX Plenary

The Financial Action Task Force (FATF) has published the key outcomes of the FATF XX Plenary which took place in Paris from February 23-27, 2009. To protect the international financial system from abuse, the FATF has agreed to:

• Issue a Statement calling on its members and urging all jurisdictions to apply effective counter-measures to protect their financial sectors from the money laundering and terrorist financing risks emanating from Iran. The FATF also updated its previous Statement on the money laundering and terrorist financing risks emanating from Uzbekistan, Turkmenistan, Pakistan and São Tomé and Príncipe.
• Adopt an in-depth evaluation of the anti-money laundering and counter terrorist-financing system in South Africa.
• Publish a detailed study on the money laundering and terrorist financing vulnerabilities in the casinos and gaming sector.
• Analyse the impact of the global financial and economic crisis on efforts to combat money laundering and terrorist financing.

(Read the Chairman's Summary, Paris Plenary, 25-27 February 2009.)

AUSTRAC and FINTRAC sign agreement to share compliance information

The Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) have signed a memorandum of understanding (MOU) to share compliance information regarding the legislative obligations that exist for numerous individuals and entities in both countries. The agreement was signed during meetings of the Egmont Group of Financial Intelligence Units, held in Guatemala City, Guatemala. (Read the FINTRAC Media Release.)