Canada – The Alacermatrix Group

Money launderers get the gangster treatment — Medium

Posted on June 21, 2016 - 5:35 pm by Reid Wegley

Canadian authorities creative in shutting down financial crimes

A few weeks ago, I warned readers about the money laundering avalanche that could be headed straight for our northern neighbors, Canada. In an effort to stave off this avalanche, the Canadian government has taken impressive proactive steps as of late. In the first example, we see an unlikely pairing of agencies to curb money laundering in casinos; in the second, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) takes on the heavy role of bringing the Canadian real estate market up to speed on anti-money laundering regulations and compliance.

An unlikely pair

When you think about anti-money laundering efforts in casinos you probably don’t assume that a gang unit will come to the rescue, but that’s exactly what is happening today in British Columbia. The newly formedJoint Illegal Investigation Team, which will be housed within the Combined Forces Special Enforcement Unit (CFSEU-BC), combines an anti-gang agency with the Ministry of Finance’s Gaming Policy and Enforcement Branch. As a team, its mission is to investigate groups that use gambling facilities to legalize financial proceeds from criminal activity.

The task force creation is a key part of Phase 3 of the BC government’s anti-money laundering strategy, which launched in 2011. This action seems overdue considering that money laundering activity in casinos is reaching a boiling point. One chart shared by the task force indicated that the total amount of suspicious cash transactions since April of last year totaled $119.1 million. . . Click here to read the rest of this story: Money launderers get the gangster treatment — Medium

Is a money laundering avalanche about to smack Canada? — Medium

Posted on June 21, 2016 - 5:25 pm by Reid Wegley

If you believe some of today’s headlines, the answer is yes

According to a report issued by Transparency International, Canada is one of the least corrupt countries in the world. And, thanks to its FINTRAC unit, it has long been rumored to be one of the toughest enforcers of money laundering regulations at the government level unit. However, reports are now emerging in its media outlets about new money laundering opportunities and threats in Canada — proof that no country is truly immune to the evils of financial fraud. My take? Since these are just threats and not real cases, I think they may be indicators of Canada’s strength, rather than weakness.

I fear too many North American readers of news stories today only catch the headlines and fail to digest the actual content. They see a headline that says liquor stores, casinos or real estate companies in Canada could fall victim to money laundering schemes, and walk away from the article thinking that the country has somehow lost its tough grip on its regulations. In actuality, nothing could be farther from the truth.

Unlike most government operations, FINTRAC is very proactive. Here are some examples. . . Click here to read the rest of this story: Is a money laundering avalanche about to smack Canada? — Medium