Canada’s financial intelligence agency pinpointed more than 100 transactions that may have involved terrorism-tainted cash last year — part of a record number of disclosures to police and spy services.
In its annual report released Wednesday, the Financial Transactions and Reports Analysis Centre says it passed along information about 777 dubious dealings in 2010-11, the most in its history.
Of these, 626 were related to suspected money laundering, while 103 concerned possible terrorist activity or other threats to Canadian security.
Finally, 48 may have involved both financial support of terrorists and the laundering of illicit cash — a process that involves converting the proceeds of crime into another form, such as stocks or property, to disguise the money trail.
FinTRAC, as the organization is known, disclosed information about the questionable transactions to agencies including the RCMP, the Canadian Security Intelligence Service and foreign counterparts.
One case concerned a large international money-laundering ring tied to drug trafficking and terrorist financing, says the report tabled in Parliament. Few details of the case were provided in keeping with the secretive nature of FinTRAC’s work.
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