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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.

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