FINTRAC, FinCEN Collaborate on International Anti-Money Laundering

• FINTRAC collaborated with FinCEN on international anti-money laundering efforts.
• The two agencies co-hosted a symposium to share best practices and modernize their work.
• Updated strategic intelligence on suspicious transactions related to online child sexual exploitation, illegal wildlife trade, and illicit opioid trafficking has been published by FINTRAC and FinCEN.
• FINTRAC assisted 266 significant investigations in 2022 and provided over 230 financial intelligence disclosure packages to foreign FIU counterparts.

It's imperative that we are aligned in our efforts in combatting these threats. More than ever, it takes a network – strong, equipped and committed – to defeat modern criminal and terrorist networks.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has been working closely with its international partners, including the US Financial Crimes Enforcement Network (FinCEN), to combat money laundering and terrorist financing. This collaboration is critical to FINTRAC's success in protecting Canadians and maintaining the integrity of Canada's financial system. One notable example of this partnership is the recent co-hosted symposium between FINTRAC and FinCEN, which brought together FIU partners and financial institutions from Canada and the US to share best practices and modernize their efforts.

The event focused on strengthening networks between governments and across sectors, sharing trends and best practices related to specific financial crimes, and developing strategies to disrupt these activities. This collaboration is essential in combating threats that know no borders, such as online child sexual exploitation, illegal wildlife trade, and illicit opioid trafficking.

FINTRAC's mandate is broad and complex, but its role is laser-focused on helping to protect Canadians and the integrity of Canada's financial system. The centre works closely with businesses, their associations, and provincial and national regulators to ensure compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This collaboration is critical in generating financial intelligence for Canada's law enforcement and national security agencies, as well as its international partners.

In 2022, FINTRAC assisted 266 significant investigations and provided over 230 financial intelligence disclosure packages to foreign FIU counterparts through the Egmont Group. The centre has also worked with its international partners on key projects, including trade-based money laundering, extreme right-wing terrorism, and countering sanctions evasion.

The updated strategic intelligence on suspicious transactions related to online child sexual exploitation, illegal wildlife trade, and illicit opioid trafficking has been published by FINTRAC and FinCEN. This new information will help businesses identify and report these transactions in accordance with Canadian regulations. Lawyers and compliance officers should take note of this development and ensure their clients are prepared to comply with the updated guidelines.

The collaboration between FINTRAC and FinCEN is a significant step forward in combating modern criminal and terrorist networks, which operate without borders. It's imperative that we are aligned in our efforts to defeat these threats, and it takes a network of strong, equipped, and committed partners to achieve this goal.

Lawyers and compliance officers should watch for the updated strategic intelligence on suspicious transactions related to online child sexual exploitation, illegal wildlife trade, and illicit opioid trafficking, which will be published soon by FINTRAC and FinCEN, and ensure their clients are prepared to identify and report these transactions in accordance with Canadian regulations.

Source: Original reporting via Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)