The Tabling of Financial Transactions and Reports Analysis Centre of Canada’s 2017–18 Annual Report
Finance Minister Bill Morneau tabled in Parliament the 2017–18 Annual Report of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The report outlines key activities and operations that the Centre carried out in 2017–18 to help protect Canadians and the integrity of Canada’s financial system.
Over the past year, with the information that the Centre received from Canadian businesses across the country, FINTRAC was able to produce actionable financial intelligence relevant to investigating and prosecuting money laundering and terrorist activity financing. This intelligence contributed to a record number of project-level investigations, in addition to a significant number of individual investigations. FINTRAC has also seen tangible and effective results through its innovative public-private sector partnerships aimed at more effectively combatting money laundering associated with human trafficking in the sex trade, fraud and the trafficking of illicit fentanyl.
Canadian businesses play a significant role in the fight against money laundering and terrorist activity financing, and FINTRAC is responsible for ensuring compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. FINTRAC works closely with businesses and their associations to increase awareness and understanding of their compliance obligations under the Act. FINTRAC is committed to strengthening its support for Canadian businesses through reporting guidance and strategic intelligence assessments.
“The Government of Canada is committed to safeguarding Canada’s strong and well-functioning financial sector. As a world-renowned financial intelligence unit, FINTRAC plays a unique and essential role in the fight against money laundering and terrorist activity financing.”
Bill Morneau, Minister of Finance
“Together with Canadian businesses across the country, FINTRAC helps protect Canadians and the integrity of Canada’s financial system. Compliance with the legislation helps to deter criminals and terrorists from operating within the legitimate channels of our economy. We all benefit from having a stable and secure financial system that is not easily accessed and exploited by money launderers and terrorist financiers. I am confident that, together, we will succeed in building an even stronger, more effective regime for Canadians.”
Nada Semaan, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada
FINTRAC provided 2,466 disclosures of actionable financial intelligence to Canada’s police, law enforcement, and national security agencies to assist in their investigations of money laundering, terrorist activity financing, and threats to the security of Canada.
FINTRAC contributed to 262 project-level investigations across Canada at the municipal, provincial, and federal levels.
FINTRAC delivered 94 outreach presentations, training sessions, and consultations to help businesses understand their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
FINTRAC moved from an audit to an assessment approach in its compliance examinations, where the emphasis is on the overall effectiveness of a business’s compliance approach.
Along with the United Kingdom and Indonesia, FINTRAC co-led the Financial Action Task Force’s project on the Financial Flows from Human Trafficking.
Following the effective results seen in Project Protect, FINTRAC launched two public-private sector initiatives: Project Chameleon to combat fraud and Project Guardian to combat the trafficking of illicit fentanyl.