CLASSIFIED | POLITICS | TERRORISM | OPINION | VIEWS

CANADA INTRODUCES NEW LAWS THAT WILL CURTAIL FUNDING AND MONEY LAUNDERING OF LTTE AND ITS LIKES

By Walter Jayawardhana

Canada , which has increasingly become a fertile ground for supplying funds for the Liberation Tigers of Tamil Eelam (LTTE) has just announced new laws to combat money laundering and financing terrorist activities.

“Canada’s government will be relentless in its efforts to prevent money laundering and terrorist” funding , said Jim Flaherty, the country’s Finance Minister announcing new regulations to fight terrorism.

The LTTE, an organization that flourished under the former Liberal government of Canada is a proscribed terrorist organization under the new conservative government but the LTTE is allegedly funding and engaging in money laundering for Sri Lanka‘s terrorism, operating under varied front organizations. The new regulations are expected to combat, the LTTE, AlQueda and other terrorist organizations banned under Canadian law.

“ We are taking an international leadership role to combat money laundering and terrorist financing by devoting substantial new funding to bolster our analytic, investigative and prosecution resources,” the Finance Minister further added.

The Ministry of Finance announced that as due customer diligence measures new requirements to identify the beneficial owners of corporations and other entities will be pressed, under the new regulations.

It said unlike previously identification and monitoring correspondent banking relationships and politically exposed persons will be insisted upon to prevent money laundering and terrorist funding.
Under the new regulations , that was also published in the Canada Gazette Part 11 on June 27 all attempted suspicious transactions have to be reported to the government.

Under the new measures introduced enhanced information sharing among Financial Transactions and Reports Analysis Center of Canada (FINTRAC) law enforcement agencies and other domestic and international agencies will be established.

The Finance Ministry statement also announced, “The establishment of a registration regime for money service businesses. These regulatory amendments implement new provisions of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, which were introduced by Bill C-25 and received Royal Assent in December 2006. They reflect the comments received from financial institutions and intermediaries following the pre-publication of the regulatory amendments on March 10, 2007, in Part I of the Canada Gazette. To provide financial institutions and intermediaries with sufficient time to change their systems and train their employees, these regulations will come into effect on two separate dates. Most of the provisions will come into effect on June 23, 2008, while the remainder will be effective on June 30, 2007.”

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