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), Combating 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 inquiries 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.