News release: FINTRAC publishes its 2019–20 Annual Report, Safe Canadians, Secure Economy
November 17, 2020 – Ottawa – Financial Transactions and Reports Analysis Centre of Canada
Deputy Prime Minister and Minister of Finance Chrystia Freeland tabled in Parliament the 2019–20 Annual Report of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The report highlights key activities and operations that FINTRAC carried out in 2019–20 to help protect Canadians and Canada's economy.
With the information it receives from Canadian businesses, FINTRAC generated 2,057 unique disclosures of actionable financial intelligence for Canada's police, law enforcement and national security agencies in 2019–20, up 25% over the past five years. A disclosure can pertain to an individual or a wider criminal network. This intelligence contributed to 393 major, resource intensive 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 Canada's innovative public-private sector partnerships aimed at combatting money laundering associated with the trafficking of fentanyl, romance fraud, human trafficking in the sex trade, and money laundering schemes that have their roots in underground banking.
In 2019–20, through FINTRAC's comprehensive, risk-based compliance program and the dedicated efforts of thousands of businesses across the country, 31,364,164 financial transaction reports were provided to FINTRAC. This is up by more than 32% over the past five years. This reporting is critical to the financial intelligence that FINTRAC is able to generate for Canada's police, law enforcement and national security agencies. In November 2019, FINTRAC's support of, and engagement with, Canadian businesses was recognized by the Community of Federal Regulators with an award for Excellence in Regulatory Openness and Transparency.
“Our government has worked hard to strengthen FINTRAC and maintain our role as a global leader in the fight against money laundering and terrorist financing. This year, FINTRAC provided Canadian law enforcement and national security agencies with thousands of financial intelligence disclosures, and that number has increased by 25 per cent over the last five years. Our government will continue to address new risks so that we can make sure we are protecting Canadians and protecting the integrity of our financial institutions.”
“As we celebrate FINTRAC's 20th anniversary, we are proud that our regulatory and financial intelligence efforts have helped to prevent criminals and terrorists from operating within the legitimate channels of Canada's economy and protected countless vulnerable Canadians across the country. Working with our Regime partners, international allies and thousands of businesses across the country, our role is more important than ever as criminals and terrorists have looked to take advantage of the pandemic to enrich themselves and advance their illicit enterprises.”
- Since becoming operational in 2001, FINTRAC has provided approximately 20,000 financial intelligence disclosures to Canada's police, law enforcement and national security agencies.
- The top three predicate offences related to FINTRAC's financial intelligence disclosures in 2019–20 were drugs (31%), fraud (30%), and tax evasion (14%).
- The top three recipients of FINTRAC's financial intelligence were the Royal Canadian Mounted Police, municipal police and provincial police.
- FINTRAC conducted 399 compliance examinations across the country in 2019–20, the largest number of which were focused on the real estate sector (146), money services businesses (114) and securities dealers (58).
- In 2019–20, FINTRAC provided seven non-compliance disclosures to police and levied two administrative monetary penalties against businesses.
- Throughout the year, FINTRAC responded to 6,600 enquiries from businesses, issued 357 policy interpretations to assist with compliance and conducted 166 engagement and outreach activities with businesses and stakeholders.
- In December 2019, FINTRAC published an Operational Alert: Laundering the proceeds of crime through a casino-related underground banking scheme. In August 2019, FINTRAC published an Operational Brief: Risks and indicators for dealers in precious metals and stones.
Financial Transactions and Reports Analysis Centre of Canada
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