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Ottawa, November 8, 2001
2001-102

Anti-Money Laundering Agency Opens its Doors Today

Secretary of State (International Financial Institutions) Jim Peterson, on behalf of Finance Minister Paul Martin, announced that Canada’s new anti-money laundering agency, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), is operational effective today.

"The creation of FINTRAC stems from Canada’s commitment to stop criminals from using our financial system to launder money to fund illegal activities," Secretary of State Peterson said. "This job has taken on new urgency in light of the tragic events of September 11. As a result, the Government is proposing to expand FINTRAC’s mandate to include terrorist financing."

FINTRAC director Horst Intscher added: "I am pleased that we are now operational, and I am confident that we will be able to make an important contribution to Canadian and international efforts to combat money laundering."

The new financial intelligence agency will detect and deter money laundering in Canada by analyzing reports of suspicious financial transactions from financial institutions and intermediaries as well as other information and, where appropriate, making disclosures to law enforcement authorities.

The requirement to report suspicious transactions, which takes effect today, is the first in a series of new regulations that are being implemented as part of the Government’s anti-money laundering efforts. Other regulations in this area will come into force in 2002.

For more information on the new regulations, visit the FINTRAC Web site at www.fintrac.gc.ca.

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