News

White-label ATMs clean dirty cash?

December 17, 2007

The Canadian Press: Canada's white-label ATMs have been found to allow fraudsters to launder money with alarming ease, leaving authorities struggling to track down dirty cash. The Financial Transactions and Reports Analysis Centre of Canada, better known as Fintrac, outlines a money-laundering scheme in a new report. Legislation passed last year broadened the scope of Canada's anti-money-laundering laws, but there are still ways dirty money can crisscross the globe. The 2006 federal budget earmarked $64 million over two years for Fintrac, the RCMP, Canada Border Services Agency and the Justice Department to crack down on money laundering and terrorist financing.