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In Canada any transactions over a certain limit require the regulated counterparty to file a Suspicious Transaction Report with FINTRAC. FINTRAC is unable to e

In Canada any transactions over a certain limit require the regulated counterparty to file a Suspicious Transaction Report with FINTRAC. FINTRAC is unable to establish a pattern in those reports and prosecute. Instead, when someone is charged with an indictable offence, their name and related entities are searched for STRs. Any financial crimes are then used to create additional charges. The net result of this, because of lack of digitization and various privacy guarantees, is that it is almost impossible to be charged with financial crimes as a primary offence in Canada. Source: former RCMP financial crimes consultant.

goalieca 1y ago
What did you think about the bc government report on money laundering?
- throwpoaster 1y ago
  The Cullen Commission Report [0] was damning. Canada is “willfully blind” to the issue and is, at this point, knowingly funding international crime and terrorism. 0: https://cullencommission.ca/ https://cullencommission.ca/
  - throawaywpg 1y ago
    Canada's financial & political system are due for a reckoning in the next 10-20 years
tadfisher 1y ago
It is similar in the US, except we call it a currency transaction report [0]. Because the amount — $10,000 — is not indexed to inflation, these reports are extremely numerous, mostly automated, and are almost entirely useless — beyond conveying the ability to charge ordinary people with structuring [1]. [0]: https://en.wikipedia.org/wiki/Currency_transaction_report https://en.wikipedia.org/wiki/Currency_transaction_report [1]: https://en.wikipedia.org/wiki/Structuring https://en.wikipedia.org/wiki/Structuring
- labcomputer 1y ago
  > beyond conveying the ability to charge ordinary people with structuring [1]. It doesn't, lol. Structuring is when you make several smaller transactions to avoid a CTR. If a CTR was created, you aren't structuring. And if you are structuring, a CTR isn't created.

goalieca 1y ago

What did you think about the bc government report on money laundering?

throwpoaster 1y ago
The Cullen Commission Report [0] was damning. Canada is “willfully blind” to the issue and is, at this point, knowingly funding international crime and terrorism. 0: https://cullencommission.ca/ https://cullencommission.ca/
- throawaywpg 1y ago
  Canada's financial & political system are due for a reckoning in the next 10-20 years

tadfisher 1y ago

It is similar in the US, except we call it a currency transaction report [0]. Because the amount — $10,000 — is not indexed to inflation, these reports are extremely numerous, mostly automated, and are almost entirely useless — beyond conveying the ability to charge ordinary people with structuring [1]. [0]: https://en.wikipedia.org/wiki/Currency_transaction_report https://en.wikipedia.org/wiki/Currency_transaction_report [1]: https://en.wikipedia.org/wiki/Structuring https://en.wikipedia.org/wiki/Structuring

labcomputer 1y ago
> beyond conveying the ability to charge ordinary people with structuring [1]. It doesn't, lol. Structuring is when you make several smaller transactions to avoid a CTR. If a CTR was created, you aren't structuring. And if you are structuring, a CTR isn't created.