Guatemala, March 5, 2009 – The Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) have signed a memorandum of understanding (MOU) to share compliance information regarding the legislative obligations that exist for numerous individuals and entities in both countries. The agreement was signed during meetings of the Egmont Group of Financial Intelligence Units, held in Guatemala City, Guatemala.
The exchange of information made possible by this agreement will improve our mutual ability to ensure compliance and thereby combat money laundering and terrorist activity financing in Australia and Canada. With the multinational nature of some businesses, ensuring compliance with anti-laundering legislation goes beyond domestic borders and spans the globe. This MOU will enable both financial intelligence units to share compliance information regarding businesses that may operate in both Australia and Canada.
This MOU is the first of its kind for FINTRAC, and it builds on the strong working relationship that exists between AUSTRAC and FINTRAC. An earlier MOU was signed to exchange financial intelligence regarding suspected cases of money laundering and terrorist activity financing.
About FINTRAC:
FINTRAC is an independent federal government agency with a mandate to collect, analyze and assess financial transaction reports. FINTRAC discloses financial intelligence to law enforcement and CSIS where it has reasonable grounds to suspect that the information would assist in the investigation of money laundering and terrorist activity financing offences or threats to the security of Canada. FINTRAC is part of Canada’s Anti-Money Laundering and Anti-Terrorist Activity Financing Initiative. The Initiative is led by the Department of Finance and includes the RCMP, CSIS, Public Safety Canada, the Department of Justice, Canada Revenue Agency, Canada Border Services Agency, and the Communications Security Establishment Canada.
About AUSTRAC:
The Australian Transaction Reports and Analysis Centre (AUSTRAC) in fighting global crime, assists in protecting the integrity of the Australian financial system. AUSTRAC is a world-renowned and respected financial intelligence unit and is Australia's anti-money laundering and counter-terrorism financing regulator.
Further information:
Peter Lamey
Financial Transactions and Reports Analysis Centre of Canada
613-943-3399
