FAC734 - Money Laundering and Asset Tracing

Subject Title
Money Laundering and Asset Tracing

Subject Description
Money laundering is at the very heart of financial aspects of crime and is a common method of financing terrorist and other illegal activity. This course will look at all aspects of money laundering, the international scene and the increased regulatory intervention designed to suppress such illegal activities. As well, the students will focus on the concept of asset tracing.

Credit Status
One credit.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Demonstrate comprehension of key concepts relating to the illicit activities of money laundering and the financing of terrorism.

2. Articulate the overarching relationship between illicit funds generated from fraud and corruption and the corresponding criminal activities of to money laundering and/or the financing of terrorism.

3. Distinguish and compare the relative attributes of the primary methods/schemes of money laundering used by criminals and identify how these methods achieve the criminal's corrupt intentions. In particular, the role of the professional money launderer, front companies, off-shore banking, trade mis-invoicing and the significance of opaque ownership structures involving nominees and beneficial ownership arrangements.

4. Relate the interrelationship between designated offences, proceeds of crime, and the laundering of proceeds in the context of the Criminal Code and other laws and regulations.

5. Communicate the fundamental approaches to a money laundering investigation and the role of the forensic investigator in compiling, analyzing, and interpreting evidentiary finds.

6. Articulate the substance, from a forensic investigator's perspective, of the various legal avenues available to law enforcement to confiscate proceeds of crime through the Criminal Code, or through civil redress.

7. Assess the various emerging trends related to the use of virtual currencies for the laundering of illicit funds.

8. Demonstrate comprehension of the key components of an anti-money laundering compliance program.

9. Describe the regulatory framework as called for under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in terms of regulatory filings and the role of FINTRAC.

10. Compare and contract the money laundering used by criminal organizations to how terrorists finance their activities.

Essential Employability Skills

    •  Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

    •  Respond to written, spoken, or visual messages in a manner that ensures effective communication.

    •  Execute mathematical operations accurately.

    •  Apply a systematic approach to solve problems.

    •  Use a variety of thinking skills to anticipate and solve problems.

    •  Locate, select, organize, and document information using appropriate technology and information systems.

    •  Analyze, evaluate, and apply relevant information from a variety of sources.

    •  Show respect for diverse opinions, values, belief systems, and contributions of others.

    •  Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

    •  Manage the use of time and other resources to complete projects.

    •  Take responsibility for one's own actions, decisions, and consequences.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecapolytechnic.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecapolytechnic.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Camera Use and Recordings - Synchronous (Live) Classes
Synchronous (live) classes may be delivered in person, in a Flexible Learning space, or online through a Seneca web conferencing platform such as MS Teams or Zoom. Flexible Learning spaces are equipped with cameras, microphones, monitors and speakers that capture and stream instructor and student interactions, providing an in-person experience for students choosing to study online.

Students joining a live class online may be required to have a working camera in order to participate, or for certain activities (e.g. group work, assessments), and high-speed broadband access (e.g. Cable, DSL) is highly recommended. In the event students encounter circumstances that impact their ability to join the platform with their camera on, they should reach out to the professor to discuss. Live classes may be recorded and made available to students to support access to course content and promote student learning and success.

By attending live classes, students are consenting to the collection and use of their personal information for the purposes of administering the class and associated coursework. To learn more about Seneca's privacy practices, visit Privacy Notice.