Contributing Lawyers

Canada

Cyndee Todgham Cherniak

United States

Susan Kohn Ross

Australia

Andrew Hudson



Canada's Financial Reporting Watchdog Issues Interesting Report

This past week, FINTRAC (Financial Transactions and Report Analysis Centre of Canada) issued the FINTRAC Annual Report 2008 - go to the following link - http://www.fintrac-canafe.gc.ca/publications/nr/2008-12-04-eng.asp

The reports from the people who have read it cover to cover indicate that it is full of intrigue and highlights of discovered wrongdoing. For example,

  • A suspected foreign spy network operated in Canada for at least five years using a myriad of corporations and Canadian banks to buy restricted material, move money and circumvent export controls.
  • analysis of suspicious financial transactions also led authorities to identify "previously unrecognized individuals as part of a known terrorist group.
  • a joint U. S.-Canada investigation led to the arrests of several people who were accused of trying to buy weapons for a terrorist organization.
  • Canada uncovered further suspicious transactions made by another two entities and eight individuals -- none of whom had been arrested or even named in this context
  • The suspected terrorists were using cash deposits, cheques and bank drafts, sometimes followed by payments to credit card accounts or lines of credit or sent by electronic funds transfers to individuals and non-profit organizations in Canada and abroad.
  • FINTRAC produced 210 case disclosures to police, or other federal or foreign intelligence agencies in the past year.
  • Of those, 171 cases were for suspected money laundering (most of which was suspected drug money), 29 for terrorist activity financing and other national security threats and 10 for both money laundering and terrorist activity financing.
  • Also targeted by FINTRAC analysts were a criminal gang running a cross-border methamphetamine operation and a large mortgage fraud.

For more information about FINTRAC and how FINTRAC works to discover wrongdoing, please contact Cyndee Todgham Cherniak (416-307-4168).  FINTRAC is a key player in the discovery of bribery of foreign public officials, terrorist financing, export controls violations, exports of money, etc.

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