Maximizing Results Through Collaboration
November 23, 2017 – Ottawa – Financial Transactions and Reports Analysis Centre of Canada
Finance Minister Bill Morneau tabled in Parliament today the 2017 Annual Report of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Maximizing Results Through Collaboration. The report outlines key activities and operations that the Centre carried out in 2016–17 to help protect Canadians and the integrity of Canada’s financial system.
With its ‘Compliance for Intelligence and Intelligence for Enforcement’ concept, FINTRAC actively engaged reporting entities across the country to assist them in meeting their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. In addition to its extensive engagement with the real estate and financial entities sectors, the Centre focused on increasing understanding of all businesses subject to the Act of the importance of suspicious transaction reporting, particularly in relation to terrorist activity financing. Over the past year, FINTRAC also contributed to Project PROTECT, a financial institution-led initiative that mobilized partners across the country to combat human trafficking in the sex trade and associated money laundering. The resulting public-private endeavour includes FINTRAC, Canada’s police and law enforcement agencies and a number of Canada’s financial institutions that are committed to tracking money laundering associated with this illicit activity.
The compliance efforts of Canadian businesses and, in particular, the financial transaction reports they provide to FINTRAC are the foundation of the Centre’s analysis and the financial intelligence that it is able to provide to its police and national security partners. The protection of personal information is also a key priority for FINTRAC and is incorporated into its policies, practices and all aspects of its operations.
“Canada’s comprehensive anti-money laundering and anti-terrorist financing regime is a leader in the global fight against money laundering and terrorist activity financing. FINTRAC plays a key role, with its regime partners, in protecting Canadians and Canada’s financial system.”
Bill Morneau, Minister of Finance
“Our ‘Compliance for Intelligence and Intelligence for Enforcement’ concept recognizes that the overall effectiveness of Canada’s anti-money laundering and anti-terrorist financing regime is dependent on businesses submitting high-quality and timely financial transaction reports. With Project PROTECT, we have seen the impressive results that the regime can achieve when we work collectively and collaboratively against those who seek to abuse our financial system or threaten Canadians.”
Barry MacKillop, Interim Director, Financial Transactions and Reports Analysis Centre of Canada
FINTRAC provided 2,015 disclosures of actionable financial intelligence to Canada’s police and national security agencies to assist in their investigations of money laundering, terrorist activity financing and other threats to Canada’s security.
A total of 462 disclosures were related to terrorist activity financing and threats to the security of Canada.
As a result of Project PROTECT, FINTRAC received 400% more suspicious transaction reports last year related to money laundering in the context of human trafficking in the sex trade, instigating more than 200 disclosures of financial intelligence.
FINTRAC responded to 5,719 enquiries from businesses subject to the Act.
The Centre conducted 661 compliance examinations of reporting entities across Canada.
The real estate sector was the focus of more than 22% of FINTRAC’s compliance examinations.
Financial Transactions and Reports Analysis Centre of Canada
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