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 intelligenceagency 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]
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]
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:
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]
^
abA large cash transaction is considered to be
CA$10,000 or more.
^
abCanada, Financial Transactions and Reports Analysis Centre of (6 December 2003).
"Electronic funds transfers". www.fintrac-canafe.gc.ca. Retrieved 2018-04-25.
^
abCanada, Financial Transactions and Reports Analysis Centre of (7 May 2008).
"Director and Chief Executive Officer". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
^Canada, Financial Transactions and Reports Analysis Centre of (30 December 2003).
"Terrorist Property". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
^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.