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October 4, 2006
Canada Shedding More Light on Money Laundering and Terrorist Financing, FINTRAC
Reports
OTTAWA, October 4, 2006 – The Honourable Jim Flaherty, Minister of Finance,
today tabled in Parliament the 2005-06 Annual Report of the Financial
Transactions and Reports Analysis Centre of Canada (FINTRAC), which produces
financial intelligence on money laundering, terrorist activity financing and
threats to the security of Canada.FINTRAC made 168 case disclosures to law enforcement and/or the Canadian
Security Intelligence Service during the fiscal year, covering transactions of
just over $5 billion, more than double the value from 2004-05. The total value
of case disclosures of suspected terrorist activity financing and other threats
to the security of Canada was approximately $256 million.
“Canada’s New Government will be relentless in its efforts to combat money
laundering and terrorism financing,” said Minister Flaherty. “That is why in our
first budget we allocated $64 million over the next two years to bolster
Canada’s anti-money-laundering and anti-terrorist-financing regimes and this
fall we plan to take action.”
“The significant growth in the dollar value of our disclosures this year is the
result of our deliberate strategy of identifying large-scale money laundering
networks. More and more our financial intelligence output is being reflected in
investigations, charges and prosecutions,” said Mr. Horst Intscher, Director of
FINTRAC.
FINTRAC is an independent federal government agency with a mandate to collect,
analyze, assess and, where appropriate, disclose information to law enforcement
and CSIS to assist in the detection, prevention and deterrence of money
laundering and the financing of terrorist activities.
Further information:
Peter Lamey
Financial Transactions and Reports Analysis Centre of Canada
613-943-3399
Highlights of the 2005-2006 Annual Report
Consult the 2006 Annual Report
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