News Release: Tabling of FINTRAC’s 2018–19 Annual Report, Safe Canadians, Secure Economy
March 11, 2020 – Ottawa – Financial Transactions and Reports Analysis Centre of Canada
Finance Minister Bill Morneau tabled in Parliament today the 2018–19 Annual Report of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The report highlights key activities and operations that the Centre carried out in 2018–19 to help protect Canadians and the integrity of Canada’s financial system.
FINTRAC generated 2,276 unique disclosures of actionable financial intelligence for Canada’s police, law enforcement and national security agencies in this reporting period, an increase of more than 80% over the past five years. A disclosure can pertain to an individual or a wider criminal network. This intelligence contributed to 296 project-level investigations as well as a significant number of individual investigations at the municipal, provincial and federal levels across the country. It also played a key role in advancing Projects Guardian, Chameleon and Protect, Canada’s innovative public-private sector partnerships aimed at combatting money laundering associated with the trafficking of fentanyl, romance fraud, and human trafficking in the sex trade respectively.
In 2018–19, FINTRAC launched a comprehensive Transparency Initiative in order to support thousands of Canadian businesses in fulfilling their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, particularly in relation to providing the reporting that the Centre needs to develop financial intelligence for Canada’s police, law enforcement and national security agencies.
The Government of Canada is committed to ensuring that we have a strong and effective Anti-Money Laundering and Anti-Terrorist Financing Regime in place to protect Canadians and safeguard Canada’s financial sector. As an internationally-respected financial intelligence unit, FINTRAC plays a central role in ensuring that Canada remains effective in the global fight against money laundering and terrorist activity financing.
FINTRAC is committed to working with Canadian businesses to prevent criminals and terrorists from operating within the legitimate channels of Canada’s economy. Through our collective efforts, we are also generating valuable financial intelligence for Canada’s police, law enforcement and national security agencies, and helping to protect vulnerable Canadians across the country.
- FINTRAC received 2,754 voluntary information records from Canada’s police, law enforcement and national security agencies in 2018–19, essentially doubling in number over the past five years. These records contain information on alleged criminals and terrorist financiers and are often the starting point for the Centre’s analysis and the financial intelligence that it is able to generate and disclose.
- The top three predicate offences related to FINTRAC’s financial intelligence disclosures were fraud, drugs and tax evasion.
- The top three recipients of FINTRAC’s financial intelligence were the Royal Canadian Mounted Police, municipal police forces and the Canadian Security Intelligence Service.
- FINTRAC works closely with businesses to support and enforce their compliance with the obligations under the Act. In 2018–19, the Centre carried out 135 outreach and engagement activities and conducted 497 compliance examinations, the largest number of which were focused on the real estate sector, money services businesses and securities dealers.
- FINTRAC received an award for Excellence in Regulatory Openness and Transparency from the Community of Federal Regulators for its Transparency Initiative in 2018–19.
- In December 2018, FINTRAC published the Terrorist Financing Assessment, the first of its kind in Canada and internationally. The Centre also published an Operational Alert regarding Professional Money Laundering Through Trade and Money Services Businesses.
Financial Transactions and Reports Analysis Centre of Canada
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