OTTAWA, November 18, 2010 – The Government of Canada today tabled in Parliament the 2009-10 Annual Report of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The report highlights that FINTRAC in the last two years provided a record 1135 case disclosures to law enforcement, the Canadian Security Intelligence Service, the Canada Revenue Agency, the Canada Border Services Agency, the Communications Security Establishment Canada and foreign financial intelligence units.
"Crimes like fraud have real victims and terrorist activity financing is the lifeblood of terrorists. That's why we increased FINTRAC's annual ongoing budget by eight million dollars in Budget 2010 to support greater financial intelligence," said Minister Flaherty.
FINTRAC's Annual Report summarizes a number of the criminal investigations that were assisted by its financial intelligence during the year. One of the 579 cases disclosed this year concerned an ongoing multi-million dollar mortgage fraud.
"The large increase in output in the last two years continues a trend that began when we became operational. In ten years, we have produced 2,149 case disclosures. And I am pleased to say that we have again this year improved our turnaround time even while requests for our assistance rose 36 per cent over the same period. Ten years after opening our doors, we are now able to produce more financial intelligence, more quickly than anytime in our past. Of course, I believe that the true measure of our success will always be our ability to give significant help to investigations of serious crimes and threats to our national security," said FINTRAC Director Jeanne Flemming.
FINTRAC is an independent 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.
Canada's Anti-Money Laundering/Anti-Terrorist Financing Regime is a horizontal initiative comprising both funded and non-funded partners. The funded partners now include the Department of Finance Canada, the Department of Justice Canada, the Public Prosecution Service of Canada (PPSC), the Financial Transactions and Reports Analysis Centre (FINTRAC), the Canada Border Services Agency (CBSA) - Immigration and Customs, the Canada Revenue Agency (CRA) - Enforcement and Disclosures Directorate (Income Tax-GST/HST), the Canada Revenue Agency – Charities Directorate, the Royal Canadian Mounted Police (RCMP), and the Canadian Security Intelligence Service (CSIS). The non-funded partners now include Public Safety Canada (PS), the Office of the Superintendent of Financial Institutions (OSFI), and the Department of Foreign Affairs and International Trade (DFAIT).
Further information:
Peter Lamey,
Financial Transactions and Reports Analysis Centre of Canada,
613-943-3399
Highlights of the 2009-2010 Annual Report
Consult the 2010 Annual Report
