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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