Thursday, November 03, 2011

FINTRAC 2010-2011 Annual Report on Money Laundering in Canada

Yesterday, the 2010-2011 annual report of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) was presented to the federal Parliament.

FINTRAC is an independent Canadian government agency with a mandate to assist in the detection, deterrence and prevention of money laundering and the financing of terrorist activities.

It uses information received from financial institutions to identify suspicious transactions that could be associated with organized crime or terrorism. If it suspects wrongdoing, it sends the information to the Mounties, the Canadian Security Intelligence Service and other services, which can choose to launch investigations.

During the reporting year, FINTRAC provided 777 cases referrals to police and other institutions. More than 600 deal with money laundering.

The report also summarizes a number of the criminal investigations that were assisted by its financial intelligence during the year.

Unfortunately, the report does not contain stats about how many case referrals have led to arrests and convictions.

FINTRAC was established and operates within the ambit of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its Regulations.

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posted by Michel-Adrien at 6:17 pm


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