The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has published its latest guidance on the indicators of laundering of proceeds from human trafficking for sexual exploitation.
FINTRAC’s new guidance is a culmination of a strategic analysis of its financial intelligence since the launch of Project Protect and consultations with Canada’s major financial institutions and the Royal Canadian Mounted Police. The additional indicators in the guidance can help businesses in identifying and reporting financial transactions that may have come from the laundering of funds from human trafficking for sexual exploitation.
Notably, the Canadian government had launched Project Protect in 2016 as an innovative public-private partnership to combat human trafficking. Since then, suspicious transaction reporting (related to money laundering associated with human trafficking in the sex trade) has increased by 750%.
Source: Financial Transactions and Reports Analysis Centre of Canada