Canada's Anti-Money Laundering Regime Passes FATF Scrutiny
A report released last week by the Financial Action Task Force (FATF) shows that Canada
has made steady progress in combating money laundering and terrorist financing
since an assessment made in 2007, Finance Minister Jim Flaherty has announced.
"The FATF evaluation was done eight months ago, and we have made considerable
progress since that time to identify and shut down this criminal activity,"
Flaherty stated. "When the actions the Government has taken recently are fully implemented,
Canada will be compliant with virtually all of the FATF’s Recommendations,"
he added. According to Flaherty, the FATF report shows that Canada has a solid regime in place
in terms of legal structure, law enforcement powers, international cooperation
and anti-terrorist-financing standards. "This is consistent with the very positive assessment of Canada’s
financial sector released by the International Monetary Fund earlier this month,"
he observed. The FATF noted that amendments to the Proceeds of Crime (Money Laundering)
and Terrorist Financing Act and related regulations address the deficiencies
it identified in the June 2007 report. "We will be relentless in our efforts to combat money laundering and terrorist
financing, and strengthening the Canadian regime is key," Flaherty declared. The 2008 budget, announced last week, provides CAD10 million over two years
for the Canadian Security Intelligence Service and the Canada Revenue Agency’s
Charities Directorate to bolster existing capacities to combat terrorist financing. "Our Government is committed to giving our law enforcement agencies the
tools and resources they need to tackle crime," commented Stockwell Day,
Minister of Public Safety, adding that: "That’s why we are investing CAD400 million to support the provinces
and territories in recruiting 2,500 new front-line police officers." .
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