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Her Excellency the Governor General recommends to the House of
Commons the appropriation of public revenue under the circumstances,
in the manner and for the purposes set out in a measure entitled ``An Act
to facilitate combatting the laundering of proceeds of crime, to establish
the Financial Transactions and Reports Analysis Centre of Canada and
to amend and repeal certain Acts in consequence''.
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Part 1 of this enactment establishes specific measures to detect and
deter money laundering and to facilitate the investigation and
prosecution of money laundering offences. These measures include
requiring financial institutions and other persons and entities that act as
financial intermediaries to keep records and report suspicious financial
transactions.
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Part 2 of this enactment requires all persons or entities importing into
Canada or exporting from Canada currency and monetary instruments
of a value over a prescribed amount to file a report with the Canada
Customs and Revenue Agency.
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Part 3 of this enactment establishes an independent agency to be
called the Financial Transactions and Reports Analysis Centre of
Canada (the ``Centre'') that will receive reports made under Parts 1 and
2. The Centre will analyse and assess the reports together with other
information available to it. If the Centre has reasonable grounds to
suspect that the designated information would be relevant to
investigating or prosecuting a money laundering offence, it shall
disclose only designated information to the appropriate police force
and, if specified conditions are met, to the Canada Customs and
Revenue Agency, the Canadian Security Intelligence Service and the
Department of Citizenship and Immigration. The Centre is also
responsible for conducting research and for undertaking educational
measures to inform the public, those who are required to report
suspicious transactions and the law enforcement community about the
nature and extent of money laundering and effective deterrence and
detection measures.
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Part 4 of this enactment authorizes the Governor in Council to make
regulations for carrying out the purposes and provisions of the
enactment.
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Part 5 of this enactment creates offences for failing to report
suspicious financial transactions and for the inappropriate disclosure or
use of information under the control of the Centre.
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