Canada: Fighting terrorism sparked spike in reports of money laundering
18 Nov 2016

Efforts by Canada’s anti-money laundering agency to pinpoint illicit dealings of the Islamic State of Iraq and the Levant and other extremist organizations helped spark an increase in intelligence disclosures to police and spies last year.

The Ottawa-based Financial Transactions and Reports Analysis Centre of Canada, known as Fintrac, passed along 483 pieces of intelligence related to terrorist financing in 2015-16, a 43 per cent increase over the previous year.

The centre tries to zero in on cash linked to terrorism and money laundering by sifting through millions of pieces of information annually from banks, insurance companies, securities dealers, money service businesses, real estate brokers, casinos and others.

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