Rotarians, business owners and financial institutions on the Coast were recently educated on how to identify possible money laundering transactions.
Two summer students hired by the RCMP's Integrated Proceeds of Crime (IPOC) section said the sneaky world of money laundering is likely alive and well on the Coast.
"We want the community to be aware of this," said Marc Sorrie, Merchants Against Money Laundering intern. "Money laundering is more commonly seen in smaller towns."
According to information provided by IPOC, the unit identifies, assesses, restrains and forfeits illicit and/or underreported wealth accumulated through criminal activities. IPOC said organized criminals, in particular drug traffickers, generate large amounts of cash which they convert and legitimize in order to benefit from, and further finance their illegal activity.
Sorrie and his co-intern Chris Pallai are travelling around B.C. this summer to give a slideshow presentation about what IPOC does and how merchants can report questionable transactions.
Sorrie said it is important for people to report any suspicious transactions or questionable attempted transactions because often it takes multiple reports before police can investigate or charge criminals for their actions.
"It's difficult to get search warrants. It's very difficult to police these things," said Sorrie. "The unit is brand new and the legislation isn't there yet to help fight [money laundering], but it's coming."
Created in July 2000, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada's intelligence unit, a federal government organization created to collect, analyze and disclose financial information on suspected money laundering and terrorist financing activities.
Pallai said that out of all the workshops they have given this summer, once people have been made aware of what they should have bee looking for, "Of everyone we've polled around 50 per cent said they should have reported a transaction [that was suspicious]."
The presenters said merchants should look out for people using large cash sums to buy big-ticket items, third party purchasing such as buying a car by putting it in someone else's name. Anyone who is acting secretive or who may be accompanied and watched by someone should be questioned or reported.
Workshop attendees were told to take down as much information as they could around a suspicious transaction to help identify the person or people involved, circumstances under which it happened and what vehicle they may have been driving.
"The whole goal of this is to bring the community together," said Sorrie. "It's multiple reports that can bring about prosecution."
To report a suspicion of money laundering, call FINTRAC at 1-866-538-0880.
