Two Individuals Charged with Operating an Illegal Currency Exchange Business with FINTRAC's Contribution Recog
action_requiredCanada·Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)·Wire Summary
FINTRAC’s contribution was recognized by the RCMP in Quebec in an investigation where two individuals were charged under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act for operating an unregistered money services business. The individuals allegedly conducted illegal transactions totalling more than $20 million from Canada to Algeria, mainly via China. Criminal penalties include imprisonment for up to 5 years and/or a fine of up to $500 000.
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