News Release: FINTRAC publishes indicators of money laundering through casino-related underground banking

December 10, 2019 – Ottawa – Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

FINTRAC today launched its most recent Operational Alert, Laundering the proceeds of crime through a casino-related underground banking scheme, at its second national Casino Forum. This Alert will assist businesses in identifying and reporting suspicious transactions that may be related to the activities of professional money launderers and money laundering organizations. These individuals and groups specialize in transforming the proceeds of crime into ‘clean money’ on behalf of criminals and organized crime groups, and regularly use the underground banking system to avoid detection.

The Operational Alert and its indicators were developed from an analysis of FINTRAC’s financial intelligence, in collaboration with the Combined Forces Special Enforcement Unit in British Columbia. With enhanced suspicious transaction reporting facilitated by the alert, FINTRAC will be able to disclose additional, actionable financial intelligence in support of the money laundering investigations of Canada’s police and law enforcement agencies.

FINTRAC is publishing the Alert as part of Project Athena, an RCMP-led public-private partnership aimed at improving the collective understanding of the money laundering threat, strengthening financial systems and controls, and disrupting money laundering activity in British Columbia and across Canada.

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With this latest public-private sector partnership, we are committed to working with Canadian businesses and regulators, the provinces and territories, and our anti-money laundering and anti-terrorist financing regime partners to ensure the safety of Canadians and security of our economy. Our new Operational Alert will help us generate critical financial intelligence in support of Project Athena, and the federal government’s broader efforts to combat money laundering activity in British Columbia and across Canada.

Nada Semaan, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada

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Operational Alert: Laundering the proceeds of crime through a casino-related underground banking scheme

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Media Relations
Financial Transactions and Reports Analysis Centre of Canada
613-947-6875
communications3@fintrac-canafe.gc.ca

Twitter: @FINTRAC_Canada

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