[108050] in Cypherpunks
http://www.newswire.ca/government/federal/english/releases/February1999/02/c1669.html
daemon@ATHENA.MIT.EDU (Jean-Francois Avon)
Tue Feb 2 16:36:02 1999
From: "Jean-Francois Avon" <jf_avon@citenet.net>
To: <cypherpunks@toad.com>
Date: Tue, 2 Feb 1999 16:11:31 -0500
Reply-To: "Jean-Francois Avon" <jf_avon@citenet.net>
Geeee... Our good Kanadian Govt is toeing-in with the US... Another way to
still increase their cashing-in on drugs and other victimless "crimes"...
Also, it will do no harm if it gives them reasons to clamp in whatever way
on the exploding offshore financial activity... Another desperate measure
by a Leviathan that wants to protect it's food supply...
http://www.newswire.ca/government/federal/english/releases/February1999/02/c
1669.html
Federal Solicitor General Releases Summary of Consultations on New
Anti-Money Laundering System
OTTAWA, February 2 /CNW/ - Consultations on measures to fight money
laundering revealed that criminal justice partners and financial sectors
would
welcome legislation to target criminal organizations and their profits,
Federal Solicitor General Lawrence MacAulay said.
Today, Mr. MacAulay released a Summary of Consultations on Proposals to
Amend the Proceeds of Crime (Money Laundering) Act, which outlines the
results
of consultations on a mandatory reporting system for suspicious financial
transactions and the cross-border movement of currency.
In the second Annual Statement on Organized Crime in December 1998,
Mr. MacAulay made a commitment to introduce legislation to amend the
Proceeds
of Crime (Money Laundering) Act.
The results of the consultations are being used to develop legislation
at
this time.
``This is a clear message from our partners that they will work with us
in the fight against organized crime,'' Mr. MacAulay said. ``We intend to
take
the profit out of organized crime. It's the most effective way to put these
criminals out of business.''
In May 1998, the federal government released a Consultation Document, on
preliminary proposals to improve the detection, prevention and deterrence of
money laundering activity, and to create a federal authority to receive and
manage reported information. Since then, approximately 60 individuals and
organizations provided written submissions, and numerous face-to-face
discussions were held.
A majority of the respondents indicated moderate to strong support for
most or all of the aspects of the proposed system. That support is
consistent
with Canadians' views about money laundering. A recent public opinion
survey
found that eight out of 10 Canadians support the reporting of suspicious
transactions.
Money laundering involves financial transactions that conceal criminal
profits to make them appear legitimate. It is a serious criminal offence
that
involves the movement of billions of dollars in proceeds of crime in the
Canadian economy each year.
Laundering the proceeds of crime increases the power and influence of
organized criminals and illegal businesses, and undermines the social and
economic well-being of Canadians.
-30-
For further information: Dan Brien, Communications Assistant,
(613) 991-2924, Cell: 794-4605. This document and the Summary of
Consultations are also available at our web site: www.sgc.gc.ca
To view other releases from this ministry,
