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September 19, 2005FICOM and FINTRAC to Join Forces Against Money Laundering and Terrorist FinancingOTTAWA- 19 September, 2005 - The Financial Institutions Commission of British Columbia (FICOM) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), have entered into a memorandum of understanding (MOU) to exchange compliance information. Under the agreement the two organizations will work together to support their common interest in combating money laundering and terrorist financing. The MOU will facilitate the exchange of compliance information in respect of credit unions, life insurance companies and trust companies in British Columbia. It will also minimize potential overlap of work and reduce the impact of administrative requirements on credit unions, insurance companies and trust companies in British Columbia. For its part, FINTRAC will provide a broad range of information to the Financial Institutions Commission that will help facilitate its risk assessment within its regulated sectors. In turn, FICOM will provide FINTRAC with the results of its assessments of compliance with anti-money laundering and anti-terrorist financing measures. Assessing compliance systems is already a key part of FICOM’s mandate and supervisory framework. The agreement was made possible by the Public Safety Act, 2002. This legislation includes amendments to provide for information exchange between regulators relating to the compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). FICOM is responsible for the administration of ten British Columbia statutes, including the Financial Institutions Act, the Credit Union Incorporation Act and the Insurance Act. Created in 2000 by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, FINTRAC is an independent agency responsible for the collection, analysis, and disclosure of financial intelligence in order to assist in the detection, prevention, and deterrence of money laundering and terrorist financing in Canada and abroad. For more information about FICOM and FINTRAC, go to http://www.fic.gov.bc.ca and http://www.fintrac.gc.ca Further information:
Peter Lamey
Garry Wadham |
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