FINTRAC’s financial intelligence was recognized in an investigation by the RCMP Federal Policing Northwest Region’s Provincial Financial Crime Team in Edmonton, Alberta. The accused is alleged to have fraudulently received in excess of $100,000 from domestic and international victims who sent money through e-transfer and wire transfer to purchase goods from online sales platforms. The accused is also believed to have been running an informal value transfer system, known as hawala, using trade-based money laundering methods that contravene the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The individual has been charged with fraud and several offences under the PCMLTFA, including failure to register as a money services business, failure to verify identity and failure to report large value transactions.FINTRAC’s financial intelligence was recognized in an investigation by the RCMP Federal Policing Northwest Region’s Provincial Financial Crime Team in Edmonton, Alberta. The accused is alleged to have fraudulently received in excess of $100,000 from domestic and international victims who sent money through e-transfer and wire transfer to purchase goods from online sales platforms. The accused is also believed to have been running an informal value transfer system, known as hawala, using trade-based money laundering methods that contravene the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The individual has been charged with fraud and several offences under the PCMLTFA, including failure to register as a money services business, failure to verify identity and failure to report large value transactions. Read More