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The Financial Transactions and Reports Analysis Centre of Canada ( FINTRAC; French: Centre d'analyse des opérations et déclarations financières du Canada) is the national financial intelligence agency of Canada. FINTRAC was established in 2000 under the Proceeds of Crime (Money Laundering) Act to facilitate detection and investigation of ...
The Vancouver Model is the name anti-money laundering experts gave to a unique model observed in Vancouver, Canada. [5] It involves taking illicit cash earned through crime to a casino (often a VIP room), and gambling some of the proceeds. The chips are then cashed out of the casino as clean cash. To further obfuscate the funds in a money ...
It was having trouble raising loans either in Canada or in Britain and decided to issue provincial government notes as a way to raise money. [50] The Provincial Notes Act authorized the Province to issue notes up to the value of $8 million, backed partly by gold and partly by government debentures. [ 51 ]
The Money Laundering Control Act of 1986 ( Public Law 99-570) is a United States Act of Congress that made money laundering a federal crime. It was passed in 1986. It consists of two sections, 18 U.S.C. § 1956 and 18 U.S.C. § 1957. It for the first time in the United States criminalized money laundering. Section 1956 prohibits individuals ...
A Customer Identification Program ( CIP) is a United States requirement, where financial institutions need to verify the identity of individuals wishing to conduct financial transactions with them and is a provision of the USA Patriot Act. More commonly known as know your customer, the CIP requirement was implemented by regulations in 2003 ...
Cullen Commission. The Cullen Commission (officially: Commission of Inquiry Into Money Laundering in British Columbia) is a money laundering inquiry established by the Canadian province of British Columbia. Currently all evidence has been presented, and the Commission was given an extension until May 20, 2022, to deliver its findings. [1]
The bank sold EDULINX Canada Corporation to Nelnet Canada Inc., the Canadian unit of Nelnet, Inc., in late 2004. Li Ka Shing was the largest foreign shareholder in the bank for over two decades, but in early 2005 he sold his portion (est. CA$1.2 billion) to establish a Canadian charity, the Li Ka Shing Foundation.
PEP-specific compliance legislation addresses the link between government corruption, money laundering and terrorism financing. [1] Since September 11, 2001, more than 100 countries have changed their laws related to financial services regulation, combating political corruption.