The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced today, that it has concluded memoranda of understanding with financial intelligence units in Australia, Belgium, the United Kingdom and the United States.

With these agreements, FINTRAC is now able to access information from those foreign counterpart agencies to analyze transaction data to detect suspected money laundering and terrorist financing.

FINTRAC says it will use the information to enrich its analysis, which will ultimately improve the quality of financial intelligence that it discloses to Canadian law enforcement and intelligence agencies.

The recently signed memoranda of understanding were entered into under the authority of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

The agreements establish the terms and conditions for the sharing of financial intelligence and, in particular, the protection of personal information. FINTRAC says it will only disclose information to its foreign counterparts on a case-by-case basis, and no direct access to FINTRAC’s database will be possible.