The Financial Post reports in its Wednesday, July 16, edition that in a special bulletin, the Financial Transactions and Reports Analysis Centre of Canada (Fintrac) said Canadian financial institutions and operators subject to money-laundering and terrorist-financing laws need to be on the lookout for such activity because Canada is a draw due to its advanced industrial and technological capabilities alongside academic and research institutions and businesses with expertise in high-tech sectors such as nuclear energy, biotechnology and life sciences, aerospace, chemicals, and electronics. The Post's Barbara Shecter writes that Fintrac said, "These strengths make Canada and its businesses a potential target for proliferators." Fintrac said, "Disrupting their financing is essential to halting the spread of weapons of mass destruction." Part of the report focused on trade finance, where fraudulent, altered or misleading trade documentation can conceal the origin of funds and the end-user of sensitive goods.
This activity can include vague descriptions of goods on trade or financial documentation, such as the use of the words "sample" and "for business purposes," the Fintrac bulletin said.
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