Canada fiercely battling terrorist financing: Flaherty: Knowledge Driven Revolution

Prime Minister Stephen Harper's Conservative government is being "relentless" in its efforts to battle money laundering and funding to terrorist groups, Finance Minister Jim Flaherty said Wednesday.

Flaherty acknowledged the challenges in the fight during his address to the opening session of a meeting of the international Financial Action Task Force in Vancouver.

"Ironically, our ongoing efforts to maintain the stability and dependability of our financial systems can pose risks because, like everyone else, criminals prefer financial systems they can trust," Flaherty told the FATF, which was formed by the Group of Seven countries in 1989.

Flaherty pointed to recent legislation tabled by Prime Minister Stephen Harper's Conservatives and to the work of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as examples of Canada's commitment to the fight.

FINTRAC tabled its annual report in Parliament last week, identifying over $5 billion in suspicious transactions in the past year. The report said 33 cases representing $256 million were linked to suspected terrorist activity "and other threats to the security of Canada."

Last week the Conservatives introduced a bill in the House of Commons that would increase the reach of FINTRAC and boost the financial activities that banks, insurance companies, securities dealers and money service businesses would be required to identify and monitor.

Flaherty also noted that Toronto is now the headquarters of Egmont Group, a body that since 1995 has grown to encompass 101 financial intelligence units from around the world.

"I can assure you that Canada's new government is being relentless in its efforts to combat money laundering and terrorism financing," Flaherty said.

The Financial Action Task Force meeting in Vancouver is focused on new payment technologies and how terrorist organizations use dummy corporations to quietly move money around the globe.

Britain announced on Tuesday that it would use classified intelligence to freeze the assets of groups and individuals suspected of financing terrorist activities. Previously, law enforcement officials had to wait for the individuals to be arrested or put on a watch list before freezing assets.

Flaherty said he couldn't comment on whether Canada would follow the same path but said the recent legislative amendments will strengthen crime-fighting efforts.

Read the full article here

Broken Link? If the link to the original article is broken or has been altered you can view the article by clicking here.

Read Today's Knowledge Driven News
HOME Canadians Should Pay NOT to be Poisoned: NDP V for Vendetta - R for Reality Canadian Bird Flu Pandemic Looming ? Shill of the Week: Stephan Harper Aspartame: The Sweetest Killer Chicken Little Terrorist of the Week: Creating Fake Terrorists Shill of the Week: Paul Martin The Number 1 Reason YOU became a Slave	Canada fiercely battling terrorist financing: Flaherty CBC News October 14, 2006 Prime Minister Stephen Harper's Conservative government is being "relentless" in its efforts to battle money laundering and funding to terrorist groups, Finance Minister Jim Flaherty said Wednesday. Flaherty acknowledged the challenges in the fight during his address to the opening session of a meeting of the international Financial Action Task Force in Vancouver. "Ironically, our ongoing efforts to maintain the stability and dependability of our financial systems can pose risks because, like everyone else, criminals prefer financial systems they can trust," Flaherty told the FATF, which was formed by the Group of Seven countries in 1989. Flaherty pointed to recent legislation tabled by Prime Minister Stephen Harper's Conservatives and to the work of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as examples of Canada's commitment to the fight. FINTRAC tabled its annual report in Parliament last week, identifying over $5 billion in suspicious transactions in the past year. The report said 33 cases representing $256 million were linked to suspected terrorist activity "and other threats to the security of Canada." Last week the Conservatives introduced a bill in the House of Commons that would increase the reach of FINTRAC and boost the financial activities that banks, insurance companies, securities dealers and money service businesses would be required to identify and monitor. Flaherty also noted that Toronto is now the headquarters of Egmont Group, a body that since 1995 has grown to encompass 101 financial intelligence units from around the world. "I can assure you that Canada's new government is being relentless in its efforts to combat money laundering and terrorism financing," Flaherty said. The Financial Action Task Force meeting in Vancouver is focused on new payment technologies and how terrorist organizations use dummy corporations to quietly move money around the globe. Britain announced on Tuesday that it would use classified intelligence to freeze the assets of groups and individuals suspected of financing terrorist activities. Previously, law enforcement officials had to wait for the individuals to be arrested or put on a watch list before freezing assets. Flaherty said he couldn't comment on whether Canada would follow the same path but said the recent legislative amendments will strengthen crime-fighting efforts. Read the full article here Broken Link? If the link to the original article is broken or has been altered you can view the article by clicking here. About KDR \| \| Home \| \| Weekly Features Archive	Weekly Features Archive
		What Is Wrong With Canada ? Recent 9-11 News Suppressed by the Media Aspartame: The Sweetest Killer The Number 1 Reason YOU became a Slave Knowledge Driven Look at Your Favourite Canadian Political Parties
		August September October 2006 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Weekly Features 2006 2005 Read Today's Knowledge Driven News
		Counter
Copyright � 2005-6 KnowledgeDrivenRevolution.com