FINTRAC in Canada has published a Special Bulletin, said to be based primarily on FINTRAC’s analysis of COVID-19-related transaction reporting and the Canadian Anti-Fraud Centre’s (CAFC) analysis of fraud reporting, which highlights areas that may pose an increased money laundering risk associated with the exploitation of the pandemic situation. It says that the COVID-19 pandemic has not had a significant impact on the overall volume of STR and electronic funds transfer reports (EFTR) received by FINTRAC, the volume of casino disbursement reports (CDR) and large cash transaction reports (LCTR) has significantly decreased beginning in March 2020. FINTRAC says that its analysis primarily highlights general suspicions of money laundering based on the nature of transactions conducted, as well as suspicions of the laundering of fraud proceeds. FIU in other jurisdictions have reported similar findings, it says. It also says that its analysis has revealed general COVID-19 related trends in money laundering and fraud which are consistent with those identified as prevalent by international bodies and FIU in other jurisdictions.  COVID-19 has led to an increase in specific categories of fraud, which criminals have adapted from existing schemes.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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