TORONTO, April 25, 2012 – Darlene Boileau, Acting Director of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), today released a new FINTRAC strategic intelligence report at the Canadian Institute’s 11th Annual Forum on Anti-Money Laundering in Toronto. The Forum gathers anti-money laundering officers from financial institutions across the country.
Money Laundering and Terrorist Financing Trends in FINTRAC Cases Disclosed Between 2007 and 2011 analyzes data from over 2100 FINTRAC cases disclosed to law enforcement and security-intelligence agencies, and observes changing trends and indicators in money laundering and terrorist financing in Canada.
"On the money laundering side, the report shows that investment frauds such as Ponzi schemes were prominent while advance fee schemes have been surpassed by debit and credit card fraud, as well as market fraud," Ms. Boileau told the participants. The report also describes key indicators of the movement of terrorist financing, including using multiple institutions and accounts, attempting to avoid the reporting of large cash transactions, and reissuing bank drafts through third parties.
FINTRAC is an independent federal government agency with a mandate to assist in the detection, deterrence and prevention of money laundering and the financing of terrorist activities. FINTRAC analyzes financial transaction reports and discloses financial intelligence to law enforcement, CSIS, foreign financial intelligence units, the CRA and the CBSA where it has reasonable grounds to suspect that the information would assist in the investigation of money laundering and terrorist activity financing offences or threats to the security of Canada.
FINTRAC Communications Directorate