A concise view of the SAR stats.
It’s easy to launder money these days. All you need do is disguise your identity behind a company, then open abank account in the company’s name rather than your own. Here’s how to do it:
Here is the complete pdf from Global Witness.
The SAR Activity Review – By the Numbers is a compilation of numerical data gathered from Suspicious Activity Report forms filed by financial institutions. It serves as a companion piece to The SAR Activity Review – Trends, Tips & Issues, which provides information about the preparation, use, and utility of Suspicious Activity Reports. By the Numbers generally is published twice a year to cover two filing periods: January 1 to June 30 and July 1 to December 31.
Just like FinCEN, last year FINTRAC published the FINTRACTypologies and Trends Report beginning April 2011. Here is an interesting section from the first edition:
The June 2010 document titled “SAR Activity Review – By the Numbers” indicated that 7,298,462 SARs were submitted to FinCEN between January 1, 2002 and December 31, 2009. During a slightly longer time period, FINTRAC received over 300,000 STRs. If one does a very rough comparison and takes into account the proportional size of our economies and population, FINTRAC is receiving an equivalent of approximately 4% of FinCEN’s SARs volume. Although this may not seem unreasonable, given that there are differences in the business sectors with suspicious transaction reporting obligations between Canada and the United States, other variables would need to be factored in before making any conclusions
Possible STR submission methods to FINTRAC:
Possible SAR submission methods to FINCEN: