Financial Transactions and Reports Analysis Centre of Canada

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC; French: Centre d'analyse des opérations et déclarations financières du Canada) is the national financial intelligence agency of Canada. FINTRAC was established in 2000 under the Proceeds of Crime (Money Laundering) Act to facilitate detection and investigation of money laundering, FINTRAC's mandate was expanded in December 2001 following amendments to the Proceeds of Crime Act to also disclose financial intelligence to other Canadian intelligence and law enforcement agencies with respect to suspected terrorist financing.[3] FINTRAC's mandate was further expanded in 2006 under Bill C-25 to enhance the client identification, record-keeping and reporting measures, established a registration regime for money services businesses and foreign exchange dealers, and created new offences for not registering.[4]

Not to be confused with Tracfin.
Financial Transactions and Reports Analysis Centre of Canada
Centre d'analyse des opérations et déclarations financières du Canada
Agency overview
Formed2000
HeadquartersOttawa, Ontario, Canada
Employees523 (2022)[1]
Annual budget$51.5 million
Minister responsible
Agency executive
  • Sarah Paquet[2], Director and Chief Executive Officer
Parent agencyDepartment of Finance
Key document
  • Proceeds of Crime (Money Laundering and Terrorist Financing) Act
Websitefintrac-canafe.gc.ca

FINTRAC has been a member of the Egmont Group of Financial Intelligence Units, an international organization of financial intelligence bodies, since June 2002.[5]

Activities

FINTRAC receives information from regulated entities on:

  • Suspicious transactions
  • Suspected terrorist property
  • Large cash transactions[6]
  • Outgoing or Incoming International Electronic funds transfer over $10,000 CAD[7] within a 24-hour period
  • Cross border currency reporting

In 2009, FINTRAC estimated that the amount of money laundered on an annual basis is somewhere between $5 and $15 billion.[8]

FINTRAC publishes annual results, quarterly updates, performance reports, and notices.[9]

FINTRAC analyzes approximately 19 million transactions per year.[10] In 2017, FINTRAC made 2,000 disclosures to police forces.[10]

Directors

The Director is appointed by the Governor-in-Council for a term of not more than five years during the pleasure of the Governor General and on the expiry of a first or subsequent term of office but no person shall hold office as Director for terms of more than ten years in the aggregate.[11]

  • Sarah Paquet, November 18, 2020[12]
  • Nada Semaan, March 5, 2018[12]
  • Barry MacKillop (Interim Director), October 18, 2017 - March 4, 2018.[13]
  • Gérald Cossette, October 15, 2012 – October 17, 2017[14]
  • Jeanne M. Flemming, March 3, 2008 – 2012[15]
  • Keith Fernandez, acting director, 2007 - 2008[16]
  • Horst Intscher, 2000 - 2007

Reports

Most FINTRAC reports can be submitted electronically or in paper. For electronic submissions, reporting entities must be enrolled in FINTRAC's electronic reporting system and can use either FINTRAC's web form or a batch report, which enables the submission of several reports at once using a public key certificate.[17] The following activities[18] are to be filed in reports to FINTRAC:

  • Suspicious transactions[19]
  • Large cash transactions[6][20]
  • Large virtual currency transactions[21]
  • Electronic funds transfers[7]
  • Casino disbursements[22]
  • Terrorist property[23]
  • Alternative to large cash transaction reports[24]

FINTRAC can also receive the following information:

  • Cross-border currency or monetary instruments reports[25]
  • Voluntary Information[26]

Oversight

FINTRAC reports to the Parliament of Canada through the Minister of Finance. Section 72(2) of the Proceeds of Crime (Money Laundering and Terrorist Financing) Act also mandates audits of FINTRAC by the Privacy Commissioner of Canada every two years.[27]

Since 2019 its national security and intelligence activities are subject to oversight by the National Security and Intelligence Review Agency and the National Security and Intelligence Committee of Parliamentarians.[27]

Criticism

In 2009, the Privacy Commissioner of Canada reported that FINTRAC was receiving and retaining personal information beyond its remit, in breach of the Privacy Act, and that this "presents an unquestionable risk to privacy by making available for use or disclosure personal information which should never have been obtained."[28]

See also

References
  1. "Population of the federal public service by department".
  2. "Director". Financial Transactions and Reports Analysis Centre of Canada. 2020-11-18. Retrieved 2021-02-04.
  3. "FINTRAC - Who We Are". Retrieved 2006-06-28.
  4. "Bill C-25 (Historical) | openparliament.ca". openparliament.ca. Retrieved 2018-04-25.
  5. "FINTRAC is a member of the Egmont Group". FINTRAC. 2012-06-04.
  6. A large cash transaction is considered to be CA$10,000 or more.
  7. Canada, Financial Transactions and Reports Analysis Centre of (6 December 2003). "Electronic funds transfers". www.fintrac-canafe.gc.ca. Retrieved 2018-04-25.
  8. "Money laundering in Canada, 2009". www.statcan.gc.ca. Retrieved 2018-04-25.
  9. Canada, Financial Transactions and Reports Analysis Centre of (30 May 2015). "Corporate reports". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
  10. Leblanc, Daniel; Hannay, Chris (November 28, 2018). "Raj Grewal queried federal agencies on ability to probe money laundering". The Globe and Mail. Archived from the original on December 2, 2018.
  11. "Proceeds of Crime (Money Laundering) and Terrorist Financing Act". Laws-lois.justice.gc.ca. Retrieved 2013-09-07.
  12. Canada, Financial Transactions and Reports Analysis Centre of (7 May 2008). "Director and Chief Executive Officer". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
  13. The Prime Minister announces changes in the senior ranks of the Public Service
  14. "Financial Transactions and Reports Analysis Centre of Canada - Director".
  15. "Prime Minister announces changes in the senior ranks of the Public Service - Prime Minister of Canada". Pm.gc.ca. Archived from the original on 2010-03-02. Retrieved 2013-09-07.
  16. "Travel and Hospitality Expense Reports - Search by Senior Level FINTRAC Employees - FINTRAC - Financial Transactions and Reports Analysis Centre of Canada". Fintrac-canafe.gc.ca. 2012-06-27. Retrieved 2013-09-07.
  17. Government of Canada, Financial Transactions and Reports Analysis Centre of Canada (2005-12-06). "Batch reporting | FINTRAC – Canada.ca". fintrac-canafe.canada.ca. Retrieved 2023-04-22.
  18. Canada, Financial Transactions and Reports Analysis Centre of (30 May 2015). "Financial transactions that must be reported". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
  19. Government of Canada, Financial Transactions and Reports Analysis Centre of Canada (2008-06-10). "Reporting suspicious transactions to FINTRAC | FINTRAC – Canada.ca". fintrac-canafe.canada.ca. Retrieved 2023-04-22.
  20. Government of Canada, Financial Transactions and Reports Analysis Centre of Canada (2008-06-10). "Guideline 7A: Submitting Large Cash Transaction Reports to FINTRAC Electronically | FINTRAC – Canada.ca". fintrac-canafe.canada.ca. Retrieved 2023-04-22.
  21. Government of Canada, Financial Transactions and Reports Analysis Centre of Canada (2021-06-01). "Reporting large virtual currency transactions to FINTRAC | FINTRAC – Canada.ca". fintrac-canafe.canada.ca. Retrieved 2023-04-22.
  22. Canada, Financial Transactions and Reports Analysis Centre of (June 1, 2021). "Submitting Casino Disbursement Reports to FINTRAC Electronically". www.fintrac-canafe.gc.ca. Retrieved 2023-04-22.
  23. Canada, Financial Transactions and Reports Analysis Centre of (30 December 2003). "Terrorist Property". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
  24. Canada, Financial Transactions and Reports Analysis Centre of (30 December 2003). "Alternative to large cash transactions". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
  25. Agency, Government of Canada, Canada Border Services (11 December 2013). "Travellers - Travelling with CAN$ 10,000 or more". www.cbsa-asfc.gc.ca. Retrieved 2018-04-26.{{cite web}}: CS1 maint: multiple names: authors list (link)
  26. Government of Canada, Financial Transactions and Reports Analysis Centre of Canada (2020-05-04). "Providing voluntary information | FINTRAC – Canada.ca". fintrac-canafe.canada.ca. Retrieved 2023-04-22.
  27. Therrien, Daniel (1 March 2018). "Appearance before the House of Commons' Standing Committee on Finance for its statutory review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)". Office of the Privacy Commissioner of Canada. Retrieved 27 June 2020.
  28. "Audit of the Financial Transactions and Reports Analysis Centre of Canada". Retrieved 2010-07-21.
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