December 4, 2008

FINTRAC Information Figures in Investigations of Drug Trafficking, Fraud and Terrorist Activity Financing

OTTAWA, December 4, 2008 – The Honourable Jim Flaherty, Minister of Finance, today tabled in Parliament the 2007-08 Annual Report of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The report highlights that FINTRAC produced 210 case disclosures to law enforcement, Canadian Security Intelligence Service, Canada Revenue Agency, Canada Border Services Agency, Communications Security Establishment Canada and foreign financial intelligence units.

“Through its detection and deterrence of money laundering and terrorist activity financing, FINTRAC is strengthening the integrity of Canada’s financial sector,” said Minister Flaherty.

FINTRAC’s Annual Report summarizes a number of criminal investigations that were assisted by its financial intelligence during the year. One of the 210 cases involved an international criminal gang producing and trafficking methamphetamine. This investigation resulted in charges against 23 individuals. Another case involved a Canadian investigation of mortgage fraud which identified four individuals, one of whom was sentenced to three and half years in prison.

“I am pleased that we have been able to assist in a number of important investigations. In the coming months I have no doubt we will see our financial intelligence used in an even greater number of investigations and prosecutions,” said FINTRAC Director Jeanne Flemming.

FINTRAC produces financial intelligence to assist investigations that deal with complex transactions related to drugs, fraud and organized crime as well as terrorist activity financing and other threats to the security of Canada. The money laundering related to these criminal offences can cover many jurisdictions, types of businesses and make use of many financial institutions. Hundreds, sometimes thousands of transactions are used by criminals to cover their tracks and move the proceeds of their criminal enterprises.

FINTRAC is an independent federal government agency with a mandate to collect, analyze and assess financial transaction reports. FINTRAC discloses financial intelligence to law enforcement and CSIS where it has reasonable grounds to suspect that the information would assist in the investigation of money laundering and terrorist activity financing offences or threats to the security of Canada. FINTRAC is part of Canada’s Anti-Money Laundering and Anti-Terrorist Activity Financing Initiative. The Initiative is led by the Department of Finance and includes the RCMP, CSIS, Public Safety Canada, the Department of Justice, Canada Revenue Agency, Canada Border Services Agency, and the Communications Security Establishment Canada.

Further information:
Peter Lamey,
Financial Transactions and Reports Analysis Centre of Canada,
613-943-3399

Highlights of the 2007-2008 Annual Report

Consult the 2008 Annual Report