Pubdate: Fri, 01 Aug 2008
Source: Moose Jaw Times-Herald (CN SN)
Copyright: 2008 The Moose Jaw Times-Herald Group Inc.
Contact: (306) 692-2101
Address: 44 Fairford St. W., Moose Jaw, Sask., Canada S6h 1v1
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Website: http://www.mjtimes.sk.ca/
Details: http://www.mapinc.org/media/2154
Author: Suzanne Boyer
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CRIMINALS FIND WAYS TO LAUNDER STOLEN CASH

Dirty money, credit and debit card fraud and counterfeit money - all
are associated with organized crime and each can make local businesses
victims or even unwitting participants in crime.

The RCMP Merchants-Community Partnership Against Economic Crime
Program paid a visit to Moose Jaw Wednesday to present a financial
crime prevention workshop to local business people at the Temple
Gardens Mineral Spa.

"It's important to educate the community, including business owners
about financial crimes prevention,"  said Crystal Heisler, one of the
student presenters of the summer program. "We want them to be aware so
they can report these people to police."

In cases of organized crime, like the drug trade, the criminals posses
large sums of money that can link them directly to their crimes. They
are anxious to cycle that money through legitimate businesses or
financial institutions in order to create separation from it.

The most common method of money laundering is known as "smurfing,"
which involves a number of individuals dividing the money and
depositing the cash into bank accounts or buying bank drafts under
$10,000.

Cash transactions or wire transfers worth $10,000 or more must be
reported by a bank to the Financial Transactions and Reports Analysis
Centre (FINTRAC), an organization that tracks potential money
laundering, terrorist financing or other threats to national security.

Money services that wire funds to other countries or currency
exchanges can be ways to launder money, as criminals can send money to
out-of-country accounts, or purchase money orders, cashier's cheques
or travellers cheques there.

Another popular way of disposing of proceeds of crime is by purchasing
big-ticket items like cars, boats, jewelry or electronics.

Heisler warned merchants that anyone walking into their business with
a large sum of cash warrants extra attention. She said money used in
drug deals can have some distinctive features like the way it's bundled.

"It's often bundled with elastics around it and it's probably also
bundled in $1,000 denominations," she said. "It's going to smell as
well," she added, noting the odour of drug chemicals or marijuana
clings to cash.

Casinos can be another place people frequent to dispose of cash as
they can purchase chips then trade them in for a casino cheque.

Heisler warned business owners they need to be conscious of suspicious
transactions and report them to FINTRAC, Crime Stoppers or local
police. Businesses can face criminal responsibility under a section of
the Criminal Code referring to wilful blindness.

"You can't just turn a blind eye to money laundering without  being
somewhat responsible," she said.

She also said reporting financial crimes can help prevent criminal
activity. Money being laundered generally means there are drug deals,
gang activity and violence occurring where you live and ignoring it
will let it increase.
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