News Release Article from  Financial Transactions and Reports Analysis Centre of Canada

Combatting Money Laundering and Terrorism Financing

March 8, 2016 – Ottawa – Financial Transactions and Reports Analysis Centre of Canada

Finance Minister Bill Morneau today tabled in Parliament the 2015 Annual Report of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Combatting Money Laundering and Terrorism Financing. The report details the activities and operations that Canada’s financial intelligence unit carried out in 2014–15 to help protect Canadians and the integrity of Canada’s financial system.

Over this reporting period, FINTRAC provided a record 1,260 disclosures of actionable financial intelligence to its law enforcement and national security partners to assist their investigations of money laundering, terrorism financing and threats to the security of Canada. The Centre also developed indicators specific to individuals traveling abroad to assist terrorist organizations in order to facilitate the reporting by Canadian businesses of suspicious transactions related to the financing of terrorism. As well, FINTRAC worked with its counterparts on several international initiatives targeting the Islamic State of Iraq and the Levant’s funding sources.

The report also details the broad range of enabling and enforcement activities that the Centre undertook to ensure that businesses met their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, including conducting compliance examinations, levying administrative monetary penalties, providing policy interpretations, hosting conferences and addressing thousands of enquiries from businesses. The compliance efforts of Canadian businesses and, in particular, the financial transaction reports they provide to FINTRAC are the foundation of its analysis and the intelligence that it is able to provide to its law enforcement and national security partners.

Quote

“As we mark FINTRAC’s 15th anniversary, our role in helping to protect Canadians and the integrity of Canada’s financial system has become increasingly recognized and valued by our law enforcement and national security partners. Throughout this reporting period, our financial intelligence disclosures contributed to hundreds of criminal and national security investigations at the federal, provincial and municipal levels across the country. We also intensified our intelligence efforts to support the terrorism investigations of our partners this year, given the increasing threat posed by terrorist groups worldwide.”

Gérald Cossette
Director, Financial Transactions and Reports Analysis Centre of Canada

Quick Facts

  • FINTRAC provided 1,260 disclosures of actionable financial intelligence to its law enforcement and national security partners.
  • The Centre provided 337 disclosures related to terrorism financing and threats to the security of Canada, a 13 percent increase over the previous year.
  • FINTRAC received 92,531 suspicious transaction reports from businesses across Canada this year, an 11 percent increase over the previous year.
  • The Centre provided 178 financial intelligence disclosures to foreign financial intelligence units. FINTRAC also sent 140 requests to its international partners to broaden its own analysis.
  • FINTRAC conducted 629 compliance examinations of Canadian businesses that have obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, and issued 16 administrative monetary penalties to incite compliant behaviour.
  • The Centre hosted a Major Reporters Forum for Canada’s largest financial institutions and a Casino Forum, both of which focused on suspicious transaction reporting.

Related Product

Consult and print the 2015 Annual Report at: http://www.fintrac-canafe.gc.ca/publications/ar/2015/1-eng.asp

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Contact

Media Relations Financial Transactions and Reports Analysis Centre of Canada 613-943-4433

FINTRAC is an arm’s length federal government agency with a mandate to assist in the detection, deterrence and prevention of money laundering and the financing of terrorist activities. FINTRAC analyzes financial transaction reports and discloses financial intelligence to law enforcement, CSIS, foreign financial intelligence units, the CRA and the CBSA 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.

As part of its mandate, FINTRAC ensures the compliance of more than 31,000 financial entities, securities dealers, casinos, money services businesses and others across the country that have legal obligations to: establish a compliance program; identify clients; monitor business relationships; keep records; and report certain types of financial transactions, including suspicious transactions and international electronic funds transfers of $10,000 or more.

FINTRAC is part of Canada’s anti-money laundering and anti-terrorist financing regime. The initiative is led by the Department of Finance and also includes the Royal Canadian Mounted Police, the Canadian Security and Intelligence Service, Public Safety Canada, the Canada Revenue Agency, the Canada Border Services Agency, the Communications Security Establishment, the Department of Justice and the Public Prosecution Service of Canada.


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