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Fintrac's money-laundering penalties in limbo

Fintrac's money-laundering penalties in limbo

Postby oneh2obabe » Feb 1st, 2018, 6:34 am

Fintrac's money-laundering penalties in limbo after court ruling.
Federal Court of Appeal ruling in May 2016 has left watchdog agency toothless, unable to levy fines.
By Dean Beeby, CBC News Posted: Feb 01, 2018 4:00 AM ET Last Updated: Feb 01, 2018 5:10 AM ET
Canada's watchdog against terror financing and money laundering has been partially neutered after losing a landmark court case over the way it penalizes offending businesses.

Since May 2016, the federal agency known as Fintrac has been unable to levy fines on firms that violate tough financing regulations — and will remain toothless until at least the summer when a review of its penalty program is completed.

That two-year hiatus in Fintrac's ability to do its basic enforcement job began when the Federal Court of Appeal ruled on May 6, 2016, that the way the agency calculates fines against financial institutions is opaque and needs to be more transparent.

A landmark February 2015 ruling from the Supreme Court of Canada said lawyers are not required to report the transactions of their clients under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, a decision that effectively drew a dark curtain across many deals, including real estate transactions.

"This means that large cash transactions and suspicious transactions tied to a real estate transaction are not being reported to Fintrac by lawyers," says an internal document obtained by CBC News under the Access to Information Act.

http://www.cbc.ca/news/politics/fintrac ... -1.4510370
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Re: Fintrac's money-laundering penalties in limbo

Postby Catsumi » Feb 1st, 2018, 8:28 am

This is just so weird.

It's like the agency, Fintrac, was put in place to make sure the government received its cut of financial gains made through terrorist acts.

It begs the question: if an entity is raising funds for terrorists, why not shut it down completely rather than bicker about how the fine schedule is calculated?

Honestly, I can barely believe this is Canada any longer.
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Re: Fintrac's money-laundering penalties in limbo

Postby Bsuds » Feb 1st, 2018, 8:55 am

Catsumi wrote:It begs the question: if an entity is raising funds for terrorists, why not shut it down completely rather than bicker about how the fine schedule is calculated?


It is mostly laundering money from illegal activities and nothing to do with terrorism.

I would hope they get arrested as well as the fine.
Nowadays it's almost rude to ask a question without Googling it first!
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Re: Fintrac's money-laundering penalties in limbo

Postby Catsumi » Feb 1st, 2018, 9:09 am

Bsuds wrote:
Catsumi wrote:It begs the question: if an entity is raising funds for terrorists, why not shut it down completely rather than bicker about how the fine schedule is calculated?


It is mostly laundering money from illegal activities

and nothing to do with terrorism.


The first line of the article says terrorism and illegal activities, so yes, terrorism funding is involved.
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Re: Fintrac's money-laundering penalties in limbo

Postby Bsuds » Feb 1st, 2018, 9:16 am

Sorry I missed that.

Then they should forfeit all their money and be deported! (do not pass go and do not collect $200)















4200)
Nowadays it's almost rude to ask a question without Googling it first!
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Re: Fintrac's money-laundering penalties in limbo

Postby Catsumi » Feb 1st, 2018, 2:15 pm

Yes, but again, isn't it interesting that our government chooses to take a bite of the cake rather than shutting down illegal activities?

Talk about condoning misbehaviour.
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