New Canadian laws to curtail terror funds
OTTAWA: Canada will shortly introduce new laws to combat money
laundering and financing terrorist activities.
Finance Minister Jim Flaherty said Canada will be relentless in its
efforts to prevent money laundering and terrorist funding.
The new laws will affect terror groups operating in various guises in
Canada, including the LTTE. It is banned in Canada, but intelligence
sources say the organisation collects funds through various fronts.
“We are taking an international leadership role to combat money
laundering and terrorist financing by devoting substantial new funding
to bolster our analytic, investigative and prosecution resources,” the
Finance Minister said.
Under the new regulations, all attempted suspicious transactions have
to be reported to the Government.
Under the new measures introduced enhanced information sharing among
Financial Transactions and Reports Analysis Center of Canada (FINTRAC)
law enforcement agencies and other domestic and international agencies
will be established.