Suspicious USD 5 billion in Canada

Last year, a Canadian money-laundering organization found more than USD 5 billion in suspicious deals that include USD 256 million in suspected terrorist financing.

This more than twice exceeds what was uncovered the year before. Fintrac, the Financial Transactions and Reports Analysis Centre of Canada, explained the growth by a deliberate strategy of hunting large-scale, money-laundering schemes.

On October 4, 2006, Fintrac notified police and the federal intelligence service about 168 suspicious cases, which is up from 142 the year before. 134 of them involved suspected money laundering, 33 were connected to suspected terrorist financing and the remaining 1 involved both. The average value of one case was about USD 30 million last year, while it was USD 14.4 million the year before. It is unknown how many of the cases ended with arrests as this is the business of police and prosecutors.

Fintrac is a 6-year-old agency is rapidly developing an effective tool for laundering dirty money. It deals with receiving, analyzing, envestigating and informin financial intelligence on suspected money laundering, terrorist financing and threats to the security of Canada.

It requires that organizations including banks, credit unions, foreign exchange dealers, securities dealers, real-estate firms and casinos and people handling major transactions keep records of those who use their services and report suspicious transactions. Also, they must report any electronic international transfer and any cash transactions over USD 10 000.

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