Canadian and Foreign FIUs Agree to Share Money Laundering Intelligence

On February 5, 2003, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced it had reached agreements with financial intelligence agencies in the United States, United Kingdom, Australia, and Belgium that will help Canada better track financial transactions suspected of involving money laundering or terrorist financing activities. The memoranda of understanding reached with the four countries, which evolved from support and advice the foreign entities provided Canada in establishing a Canadian transactions surveillance agency, will provide access to useful international intelligence. The cooperation will enable FINTRAC to strengthen its analysis with new information. Ultimately such help will enable it to improve the quality of financial intelligence that it discloses to Canadian law enforcement and intelligence agencies as well as enable it to reciprocate to the foreign FIUs…[more]