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OTTAWA, Canada – The Credit Union Institute of Canada (CUIC) in response to new regulations designed to detect and prevent money laundering is in the process of revising its course, “Prevention and Detection of Money Laundering and Terrorist Financing.” At press time, CUIC expected to complete the revision of this computer-based training tutorial by late August 2002. It will include how credit unions must deal with the implementation of a compliance regime, record keeping, reporting of terrorist property, the identification of suspicious terrorist financing transactions, and aspects of international electronic funds transfers in relation to money laundering and terrorist activity. Changes in the course curriculum were necessitated by the government’s passage of the Proceeds of Crime (Money Laundering ) and Terrorist Financing Act. The effective date for the new regulations was June 12, 2002. According to Canadian Secretary of State Maurizio Bevilacqua, “these regulations will enhance Canada’s ability to detect and deter money laundering and terrorist financing. We are confident that our efforts, along with those of our international partners, will make a difference in combating these problems.” Canada maintains a list of non-co-operating countries that includes: Cook Islands, Dominica, Egypt, Grenada, Guatemala, Indonesia, the Marshall Islands, Myanmar, Nauru, Nigeria, the Philippines, Russia, Saint Vincent and the Grenadines, and Ukraine. The country recently removed Hungary, Israel, Lebanon and St. Kitts and Nevis from that list. Credit unions are not the only financial services providers in Canada being required to report suspicious transactions. The new regulation is far reaching and affects all banks, credit unions, caisses popularies, trust and finance companies, life insurance companies, the Canadian Postal system, accounting firms, real estate brokers, casinos and legal firms. What has to be reported according to The Financial Transactions and Reports Analysis Centre of Canada’s (FINTRAC) Web site is any transaction where “there are reasonable grounds to suspect that the transactions are related to the commission of a money laundering offense. They also have to report transactions if there are reasonable grounds to suspect that the transactions are related to the commission of a terrorist activity financing offence.” FINTRAC is “an independent agency responsible for the collection, analysis, assessment and disclosure of information in order to assist in the detection, prevention and deterrence of money laundering and financing of terrorist activities in Canada and abroad.” According to CUIC, about one in every three credit union employees working at all levels at a credit union, from tellers through board members, are currently enrolled in a CUIC course. -

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