Search results

International bodies, such as the Financial Action Task Force , have mandated the use of financial intelligence units (FIU) to address organized crime and money laundering. The purpose of this paper is to examine Canada’s FIU, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and explore its current effectiveness and future challenges.

This paper examines FIUs in general and then looks more specifically at Canada’s FIU, its policy and legislative basis as well as future challenges for the FIU.

The challenge money laundering poses to society is a mirror of the challenge that organized crime poses: a test of the values and the importance of rule of law. The FIU is an important mechanism to address this challenge generally, and there are important changes in the environment that must be addressed if the future policy objectives of the FIU are to be met.

Some of the policy nostrums that are baked into the anti-money laundering system, such as placement, layering and integration, need to be revisited and researched to incorporate changes in the licit and illicit marketplaces.

Financial institutions and other intermediaries must comply with domestic anti-money laundering laws. Compliance is always contextual, and this paper will outline the role of the regulator and the environmental challenges that need to be met.

Effectively addressing money laundering and organized crime is critical to the maintenance of rule of law and the protection of the financial system.

This is a brief but very fulsome review of Canada’s FIU, FINTRAC, which captures broader challenges in addressing money laundering, economic crime and regulatory systems designed to protect rule of law and the integrity of the financial system. The paper not only examines the current state of the FIU but also explores challenges on the horizon.

This paper shows how a small jurisdiction can apply well-designed non-conviction-based (NCB) forfeiture provisions with a dedicated team to have a meaningful impact on financial crime. This paper aims to examine developing jurisprudence, legislation and case law to explore how the NCB laws work. Finally, this paper examines a relatively new area of law for Canada, unexplained wealth orders (UWOs). This paper discussed three recent cases in Western Canada currently before the courts.

This paper considers legislative and jurisprudential developments relevant to NCB or civil asset forfeiture and in particular considers very recent developments involving UWOs.

This paper shows how a small jurisdiction can apply well-designed NCB forfeiture provisions with a dedicated team to have a meaningful impact on financial crime.

Some jurisdictions, like the UK, have experienced court losses with their UWO process. Canadian law may have a modest pathway to success in this area, although our jurisprudence is very much in development.

Manitoba is a small jurisdiction with limited resources who are finding ways to have an effective impact on financial crime through the careful application of use of conviction-based forfeiture.

Financial crime has an outsized impact on society. This paper shows some of the techniques available to disrupt financial crime.

This paper incorporates developments in 2024 that have not yet been examined.

The purpose of this paper is to explore the role of the culpable insider and the predatory criminal in fraud and deception.

Two groupings of fraud are considered in this paper. Insider fraud consists of a person within an organization misusing their position for corrupt self-dealing, asset misappropriation and financial statement fraud. Case studies are discussed, offering differing perspectives on the role of insiders. Fraudsters use technology, like malware, to take on the mantle of an insider to facilitate their larceny. This paper also looks at the role of the insider with predatory frauds.

Most enterprises, be they public entities or private firms, are at risk of internal fraud. Internal financial controls are the first line of defence. In tougher economic times, when enterprises run on the tightest of margins, control mechanisms are at risk of being weakened at the altar of efficiency. Firms can also adopt cultures that deter frauds, either through policies on whistle-blowers or through simple employee screening procedures. For predatory frauds, the basic warning flag can be summed up with the cliché: if something seems too good to be true, it probably is.

This paper synthesizes research on fraud and the role that an insider can play as well as the role of a predatory fraudster.

This paper aims to explore the challenge posed by Bitcoin to regulators, particularly anti-money laundering regulators. Bitcoin is a crypto-currency based on open-source software and protocols that operates in peer-to-peer networks as a private irreversible payment mechanism. The protocol allows cross-border payments, for large and small items, with little or no transactional costs.

Case studies and case law are examined as are relevant reports by regulators.

Bitcoin is based on complex computer code supported by a robust community in a peer-to-peer network. Unlike other virtual currencies, Bitcoin appears to have obtained purchase and as such poses unique challenges to regulators.

Bitcoin is at a nascent stage and the evolution of the virtual currency is difficult to predict.

Those who study financial systems, anti-money laundering regimes and asset forfeiture laws will have an interest in this topic.

This is a new and emerging currency; there is limited literature on the implications of this currency to anti-money laundering systems.

The purpose of this paper is to explore typologies as well as emerging trends and threats in money laundering.

Recent trends and emerging threats in money laundering are discussed, both in terms of predicate activities (drugs, fraud) and in terms of techniques/typologies.

It is found that the challenges and risks posed by money laundering to financial systems and to the rule of law persist.

Understanding evolving and emerging typologies and techniques is necessary to address money laundering challenges.

Considerable resources are applied by regulators and the regulated to anti‐money laundering systems; this paper provides a measure by which the robustness of those systems can be examined.

This paper provides a succinct but comprehensive overview of the current state of money laundering, as well as a look at emerging threats.

The purpose of this paper is to explore tax evasion and avoidance typologies with a view to understanding how they work and the implications for those who handle the wealth of others.

American, Canadian and UK cases of tax avoidance and tax evasion are studied.

Structuring transactions to avoid or minimize taxes is highly complex, and thus, fraught with risk, particularly for advisors.

Commercial and taxation law in a globalized economy is an ever‐changing matter.

There is an enormous potential for reputational risk which can bear significant consequences for the unwary financial advisor. Money launderers can hide their assets applying methods similar to those used to evade or avoid taxes.

Thousands and thousands of pages documenting tax evasion and avoidance cases have been distilled into an overview paper.

The paper aims to explore the penetration of power in Mexico by drug cartels and the attendant policy challenges to address the problem.

The history of unlawful activity and cartels is discussed as well as the policy solutions being explored by the Mexican Government and its partners like the USA.

The challenges are longstanding, complex and defy simple solutions. Concerted problem solving can change conditions on the ground.

The impact of longer term initiatives to strengthen the rule of law merits further study.

Drug cartels are taking a huge toll on Mexico, particularly in terms of violence; this threatens not only Mexico but neighbouring countries as well.

The problems Mexico faces are placed in historical context and in the context of the larger international trade in illicit drugs.

The purpose of this paper is to explore countering the financing of terrorism and its impact on financial institutions.

Actual examples of terrorist financing are considered, as well as the international and Canadian framework for financial institutions.

The system for countering the financing of terrorism can be improved to lower costs and risks to financial institutions and to enhance actionable intelligence. A balance must be sought between the objective, actionable intelligence and the mechanism used to advance that objective.

There is limited research on terrorism financing and little statistical data.

Some simple and modest reforms to the framework are suggested; policy makers need to consider their goals and revaluate the existing framework.

There is little writing in this area. This paper would be of interest to financial institutions, regulators, law enforcement and the intelligence community.

The purpose of this paper is to explore the various typologies and methods used to cloak assets following the placement stage of money laundering.

Techniques used to hide assets and cloak ownership, ranging from simple nominee arrangements through to complex financial transactions are explored.

There are a myriad of methods available to money launderers to cloak their assets.

More work needs to be done on the issue of information gateways.

Assets are cloaked to obfuscate the trail and make it difficult for law enforcement to “follow the money”. Understanding the methodologies used is the first step to understanding the problem.

A number of cases from Canada, the USA and Australia were studied, as well as reference material advisors use for asset protection.