FINTRAC today published its 2021-22 Annual Report, Safe Canadians, Secure Economy, which describes the significant impact the Centre is having through its activities and operations in helping protect Canadians and Canada’s economy.
In addition to supporting a number of national priorities over the past year, including the federal government’s efforts to combat Russian-linked money laundering related to sanctions evasion following the Russian Federation’s unjustified invasion of Ukraine, FINTRAC contributed to 335 major, resource intensive money laundering and terrorist financing investigations as well as many hundreds of other individual investigations at the municipal, provincial and federal levels across the country. With the information received from Canadian businesses, the Centre was able to generate 2,292 financial intelligence disclosures last year in support of money laundering and terrorist financing investigations across Canada and around the world – or more than six disclosures every single day.
FINTRAC also worked with its federal partners over the past year to support a number of public-private partnerships, which are having a real and meaningful impact on some of Canada’s most vulnerable citizens. In collaboration with Canada’s banks, which are leading Projects Protect, Guardian, Chameleon, Athena, and Shadow, FINTRAC played a key role in helping to more effectively combat money laundering in British Columbia, the laundering of proceeds stemming from online child sexual exploitation, the trafficking of illicit fentanyl, romance fraud and human trafficking for sexual exploitation. In total last year, we were able to provide 757 disclosures of actionable financial intelligence to Canada’s law enforcement agencies in relation to these five public-private partnerships.
In 2021-22, FINTRAC continued to work closely with businesses to ensure they understood and were able to fulfill their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. In addition to publishing comprehensive and sector-specific guidance, the Centre undertook hundreds of outreach engagements and responded to thousands of questions from businesses across the country. As part of its extensive outreach to businesses, FINTRAC also launched a National Anti-Money Laundering/Anti-Terrorist Financing Real Estate Virtual Forum to help those engaged in this sector better understand the threats they are facing and how to work with the Centre to address them.
Over the past year, FINTRAC also took firm action to ensure that businesses fulfilled their responsibilities, issuing 15 Notices of Violation for non-compliance for a total of $3,497,176. The Centre also disclosed seven cases of non-compliance to law enforcement.