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Anti-money laundering and anti-terrorist financing measures are designed to deprive criminals and terrorists of the financial means to pursue their objectives. Those measures deputize financial institutions across Canada to detect and report nefarious activities to our financial intelligence agency. Importantly, those reports provide intelligence into the networks, ways and means of terrorists.
Canadian businesses are on the front lines of Canada’s anti-money laundering and anti-terrorism financing efforts and are often the first ones to have a suspicion regarding a transaction.
However, businesses and reporting entities such as financial institutions generally have little experience with terrorist financing and what to look out for.
As part of the federal government’s broader intelligence efforts to counter these threats, Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has worked with Canadian law enforcement and national security partners to update indicators of terrorist activity financing – often effected though money laundering.
Available for the first time publically, FINTRAC’s updated list highlights actions which could indicate money laundering activities. It red flags transactions where there could be reasonable grounds to suspect a terrorist activity financing offence.
It is important to note a single indicator on its own may seem insignificant, but combined with others could satisfy the threshold of reasonable grounds to suspect the transaction is related to terrorist activity financing.
Therefore, if one or more of these indicators are present when a client conducts a transaction or a series of transactions, reporting entities should consider the context and all relevant factors to determine whether a suspicious transaction report should be sent to FINTRAC.
For more information on reporting suspicious transaction reports to FINTRAC, click here to access the agency’s Suspicious Transactions guidelines.
Matt McGuire, MNP’s National Anti-Money Laundering Practice Leader, recently spoke at the House of Commons Standing Committee on the key indicators needed to deter terrorist financing. He advised terrorist name-list risk screening was no longer a sufficient counter-measure, and there should be a movement towards greater intelligence sharing with and among reporting entities on patterns and typologies.
To listen to the broadcast audio recording,
click here. Please view link in Internet Explorer.
Related Topics:Anti-Money Laundering; Anti-Terrorism Financing
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