Terrorist financing in Canada and abroad : Report of the Standing Committee on Finance

TERRORIST FINANCING IN CANADA AND ABROAD: NEEDED FEDERAL ACTIONS Report of the Standing Committee on Finance James Rajotte Chair JUNE 2015 41st PARLIAMENT, SECOND SESSION Published under the authority of the Speaker of the House of Commons SPEAKER’S PERMISSION Reproduction of the proceedings of the House of Commons and its Committees, in whole or in part and in any medium, is hereby permitted pro [...] According to the Department of Finance, the overall objective of the regime – the framework for which is provided by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) – is to protect the integrity of Canada’s financial system and the security of Canadians. [...] The Department of Finance stated that $70 million annually is allocated to the Department of Finance, FINTRAC, the Department of Justice, the Public Prosecution Service of Canada, the RCMP, the Canada Border Services Agency (CBSA), CSIS and the Canada Revenue Agency (CRA) to support their activities in relation to Canada’s anti– money laundering and anti–terrorist financing regime. [...] In particular, they discussed the collection of financial information by FINTRAC, the role of FIUs and the usefulness of financial intelligence, and the responsibilities of the CRA in combating the use of charities and not-for-profit organizations by terrorists and terrorist organizations. [...] It suggested that any review of Canada’s anti–money laundering and anti– terrorist financing regime should consider the extent to which legislative and regulatory requirements are appropriate for the size and business practices of the various categories of reporting entities; as well, the cost of any new requirements should be proportionate to the benefits that would be received by FINTRAC and oth