The Honourable Jim Flaherty, Minister of Finance and Minister responsible for the GTA, and the Honourable Stockwell Day, Minister of Public Safety, today re-affirmed Canada’s commitment to keeping Canada safe from terrorism.

The federal government today announced new measures to combat terrorist financing and money laundering.

“Canada’s new government will be relentless in its efforts to prevent terrorist crimes,” said finance minister Jim Flaherty, in a news release. “We are taking an international leadership role to combat terrorist financing by devoting substantial new funding to bolster our analytic, investigative and prosecution resources.”

Flaherty announced that Toronto has been selected as the permanent headquarters of the secretariat of the Egmont Group. An organization of 101 of the world’s financial intelligence units, the group includes the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Canada’s new government will contribute $5 million over the next five years to help the secretariat get established.

“This government has announced significant new measures to help increase Canada’s capability to detect and respond to a potential terrorist attack,” said public safety minister Stockwell Day. “Whether it is strengthening our own laws, enhancing transportation and border security, working with international allies, or combating the crime of terrorist financing, we are taking action to protect Canadians.”

“The effective international exchange of financial intelligence can play an important role in the investigation and prosecution of both money laundering and terrorist activity financing,” said FINTRAC director Horst Intscher.

Flaherty also announced that Frank Swedlove is the first Canadian to assume the position of president of the Financial Action Task Force (FATF). The FATF is an international body that develops and promotes policies to combat money laundering and terrorist financing. Swedlove, assumed the presidency this month and will hold it for one year.

“The role of the FATF is vital because money laundering and terrorist financing are international problems that must be addressed with a truly global approach,” said Swedlove.

In addition, Flaherty announced Canada has joined the Asia/Pacific Group on Money Laundering, an independent regional body modelled on FATF principals. Canada has been an observer since 2000 in the 31-country organization. The Asia/Pacific region is of strategic importance to Canada in the fight against money laundering and terrorist financing.

As of March 31, 2005, FINTRAC had made more than 442 case disclosures to enforcement and security agencies, identifying thousands of individuals and businesses and tens of thousands of suspect financial transactions.