Canada’s anti-money-laundering centre uncovered $35-million in suspected terrorist financing in the first nine months of the fiscal year, outstripping the tally for the entire previous year.
The amount reflects the total detected by the Financial Transactions and Reports Analysis Centre from April through December 2003, forming the basis of 29 case files passed to police or intelligence officials for further investigation.
The figures obtained by The Canadian Press are the latest indication that dangerous organizations continue to try to use Canada’s financial institutions as conduits for bankrolling terrorist acts.
Fintrac, as the federal centre is known, identified 25 cases of suspected terrorist financing involving $22-million in all of fiscal 2002-03. …
The agency says terrorist financing may involve money raised from legitimate sources, such as personal donations and profits from businesses and charitable organizations, as well as from criminal activities, such as the drug trade, the smuggling of weapons and other goods, fraud, kidnapping and extortion.