Stoddart Concerned About Anti-Money Laundering Plan
FINANCIAL PRIVACYMarch 9, 2012
The Canadian Press reports on Privacy Commissioner Jennifer Stoddart's comments before a Senate committee regarding concerns with the government's plan to expand the anti-money laundering agency Fintrac. "We shouldn't strengthen this regime--because of its impact on Canadians--until we have done some more research on its effects," she said. Stoddart is concerned that the expansion would result in Fintrac "examining large numbers of harmless transactions, such as money transferred by parents to children studying abroad, or remittances sent by naturalized Canadians to family members overseas," the report states. If Fintrac's powers are expanded, she said, more oversight should be put in place.