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Anti-laundering software casts wide net to catch big fish

Special to The Globe and Mail

Powerful computers and constantly tweaked software plow through mountains of customer data looking for suspicious activities – such as a state governor transferring large amounts of cash ...Read the full article

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  1. C P from Ottawa, Canada writes: Two more stats:

    Total federal government expenditure on FINTRAC and financial monitoring regime since its creation: $ 445 million (Source: Department of Finance - URL: http://www.tbs-sct.gc.ca/dpr-rmr/2006-2007/inst/fin/fin08-eng.asp)

    Total individuals successfully prosecuted since financial monitoring regime was established in 2001: zero (Source: Financial Action Task Force - URL: http://www.fatf-gafi.org/dataoecd/28/33/40196937.pdf)
  2. ken kolthammer from Edmonton, Canada writes: If I wash a $20.00 bill in my jeans will I be caught by FINTRAC?
  3. aniphylactic shock troops from Victoria, Canada writes: That $445M is only what the government has wasted.
    For instance, now they want real estate brokerage to jump through all kinds of hoops identifying people who want to buy real estate. They want us to report large cash transactions. They keep adding to the burden. Well guess what, the consumer pays for the time I waste reporting that somebody in Portland wants to buy a house in Nanaimo.

    I mean, criminal masterminds and fraudsters don't buy single family dwellings, they buy professional sports teams, where all their dirty money and ill-gotten stock gains can be legitimized through a non-audited, underscrutinized business that frequently gets government subsidies.
  4. Bert Russell Paradox, BC from Canada writes: CP from Ottawa: how much is USA spending on their smoke and mirrors internal security to prevent terrorism .... billions! How do you quantify how much they prevented ... or caught.(they certainly are not going to publish figures, other than propaganda)
    We have securities fraud (white collar crime) everyday and what does our Provincial governments do about it? Perhaps if we had some safeguards they would at least prevent some white collar crime, like a Federal Regulator.
    Our Municipal Acts in BC for instance .. give our local Politicians guidelines that you could drive a dozen armoured vehicles filled with cash through .. and we just trust them. They are not accountable.
  5. Lowen Wrainger from Canada writes: Don't let these guys read today's 'Big Fish, Little Fish' story in the Science section. Some type of convoluted logic saying it is better not to go after the 'Big Fish' but the smaller ones will surely appeal to those already spinning in the laundry rinse cycle.
  6. Gordon Murray from Canada writes: That $445M number has probably much going for it.
    Government employees get trained to deal with it.
    It gets them off FreeCell.

    That 'structuring' that relates to splitting up big transactions to get under such as $10,000 transaction flagging goes towards supporting the phrase 'willy-nilly'.
    "I would have cleaned up my room rather than leaving everything strewn about 'willy-nilly', but I read of 'structuring' within shady politician 'material deposit flag dodging'.
    It's a sympathy thing for the establishment in a way.
    Maybe it's proof that I'm growing up...maybe faster than you yet perceive.
    Car keys, please."

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