Canadian money transfers suspected of funding terrorist activities could reach up to C$140 million ($117 million) this fiscal year, twice the level of 2003-04, a government agency designed to crack down on terrorist financing and money laundering said on Tuesday. Canada last year identified C$70 million suspected of funding terrorism and threats to Canadian security, according to the Financial Transactions and Reports Analysis (FINTRAC). “Based on what we have seen so far this year, I expect this number could double by fiscal year end,” FINTRAC director Horst Intscher said at a Parliamentary hearing. The fiscal year ends March 31. Intscher said the increase reflects the agency’s growing experience and a higher number of transactions in its database. Full Story
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