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I thought that FINTRACs mandate was limited to detecting money laundering, what has changed?

April 26, 2017changed detecting fintrac laundering limited mandate money

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I thought that FINTRACs mandate was limited to detecting money laundering, what has changed?

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As a result of the events of September 11, Parliament passed the Anti-Terrorist Act, which amends the Criminal Code and several other Acts, including the Proceeds of Crime (Money Laundering) Act. FINTRAC now administers the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Specifically, under the new Act those individuals and businesses that are currently required to report to FINTRAC their suspicions of money laundering are also required to report suspicions of terrorist activity financing. Where those individuals and businesses report terrorist assets to the RCMP or CSIS as they are required to under the Criminal Code, they will also be required to file a report with FINTRAC concerning those assets. In addition, the new Act gives FINTRAC the authority to receive voluntary information from the public, law enforcement agencies, and others about suspicions of terrorist financing.