FINTRAC Identifies Over $ 2 Billion in Suspected Money Laundering and Terrorist Financing

News Release

November 4, 2005

OTTAWA, November 4, 2005 - Finance Minister Ralph Goodale tabled today in Parliament the 2004-05 Annual Report of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which produces financial intelligence on money laundering, terrorist activity financing and threats to the security of Canada.

According to the agency’s fourth annual report since being created in 2000, FINTRAC made 142 case disclosures to law enforcement or the Canadian Security Intelligence Service during the fiscal year covering transactions with a total dollar value of just over $2 billion, close to triple last year’s total.

The total value of case disclosures of suspected terrorist activity financing and other threats to the security of Canada was approximately $180 million, a two and a half fold increase over last year. Some of these cases also gave rise to suspicions of money laundering and were also disclosed by FINTRAC as money laundering cases.

“The large increases in the total dollar value of the transactions we disclose reflect the steadily increasing wealth of data available to us but also that we are more experienced and better able to detect and track more elaborate and deeply rooted money laundering and terrorist activity financing,” said Mr. Horst Intscher, Director of FINTRAC.

FINTRAC is an independent Federal Government agency with a mandate to collect, analyze, assess and, where appropriate, disclose information to law enforcement and intelligence agencies to assist in the detection, prevention and deterrence of money laundering and the financing of terrorist activities.

Further information:
Peter Lamey
Financial Transactions and Reports Analysis Centre of Canada
(613) 943-3399
Highlights of the 2004-2005 Annual Report
Consult the 2005 Annual Report

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FINTRAC Identifies Over $ 2 Billion in Suspected Money Laundering and Terrorist Financing

News Release

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