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In which year did FINTRAC begin its operations?
1999
2001
2002
2000
The correct answer is: 2001
FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada, commenced its operations in 2001. The establishment of FINTRAC was part of Canada's effort to combat money laundering and terrorist financing, following the global shift towards stronger financial regulations in response to these illicit activities. By starting its operations in 2001, FINTRAC became Canada's primary agency in monitoring and analyzing financial transactions, enabling better prevention, detection, and deterrence of money laundering and terrorist financing activities. This timing was significant as it allowed Canada to align with international standards and best practices in financial regulation. While other years mentioned are close, and may reflect either legislative changes or discussions about the need for such an agency, 2001 marks the official start of FINTRAC's active involvement in financial intelligence in Canada.