The financial intelligence agency of Canada FINTRAC (The Financial Transactions and Reports Analysis Centre) has recently published an operational alert, “Laundering of Proceeds from Online Child Sexual Exploitation” to keep up its pace in project shadow. Project shadow is Canada’s public private partnership (PPP). Its objective is to enhance the awareness and understanding of online child sexual exploitation thereby reinforcing necessary detection tools and techniques to recognize the money laundering activities pertaining to this crime.
The FINTRAC’s operational alerts always comes up with upto date trends and typologies of high risk factors, suspicious financial transactions related to money laundering and terrorist financing. The afore mentioned publication has been evolved by analysis conducted by FINTRAC’s financial intelligence in cooperation with other institutions like Scotiabank, the Canadian Centre for Child Protection and the Royal Canadian Mounted Police’s Sensitive and Specialized Investigative Services.
Since the establishment of project shadow, FINTRAC has developed more than 30 financial intelligence disclosures on online child sexual exploitation to police and law enforcement agencies. FINTRAC’s analysis further reveals that the suspects or the perpetrators were generally males located across Canada and mostly aged in their 40s and 50 s. FINTRAC identifies the top most 10 jurisdictions receiving fund transfers related to online child exploitation were Philippines, Thailand, Colombia, the United States, Ghana, Ukraine, Dominican Republic, Romania, Jamaica and Russia.
This particular operation alert would not only support the organisations in terms of identifying the proceeds of crime (money laundering and terrorist financing) but also enable them to assess and report to FINTRAC the suspicious transactions related to laundering of money associated with online child sexual exploitation. Through the implementation of this operation alert FINTRAC would be able to allocate additional intelligence to the Canadian police and its law enforcement agencies to combat online child sexual exploitation.
Author: Rajashree, MBA, CAMI
(PonSun AML Academy)