"Obviously, this is an issue that continues to demand our attention," Stoddart said. "We do not deny or question the need to combat money laundering or terrorist financing. However, new security powers to counter these activities may be a threat to privacy and must be carefully monitored, whether in Canada or abroad," she said.
For more than four years, the U.S. government has been secretly receiving information from an international co-operative called SWIFT to help in the hunt for terrorists and terrorist financiers, the U.S. media revealed last week.
SWIFT is the hub of the global banking industry. It runs an electronic messaging service that more than 7,800 financial institutions — including Canadian ones — use to communicate, sending millions of messages daily to transfer money.
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[Proofreader's note: this article was edited for spelling and typos on July 4, 2006]
Note: http://www.thestar.com/...
Federal Watchdog Warns Of Threat To Privacy
Posted on Sunday, July 02 at 12:06 by 4CanadaContributed By
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<br />
Canada Increasingly Awash In Dirty Money<br />
<br />
STEVEN CHASE <br />
<br />
From Saturday's Globe and Mail<br />
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Canada's biggest city will become the permanent home for a global body that experts describe as the Interpol of the still-nascent fight against money laundering and terrorist financing.<br />
<br />
The 11-year-old Egmont Group, which will move its secretariat to Toronto this year, co-ordinates the battle against dirty money in 101 countries, similar to the way the 83-year-old International Criminal Police Organization helps forces co-operate and share data.<br />
<br />
That Egmont is finally setting up permanent residence in one country reflects the increasingly serious global effort to squeeze money for terrorists and other criminals, experts say.<br />
<br />
<a href="http://www.theglobeandmail.com/servlet/story/RTGAM.20060707.wflahertyEgmont0708/BNStory/Business/">http://www.theglobeandmail.com/servlet/story/RTGAM.20060707.wflahertyEgmont0708/BNStory/Business/</a><p>---<br>"And those who were seen dancing were thought to be insane by those who could not hear the music." Friedrich Nietzsche<br />