Financial Transactions and Reports Analysis Centre of Canada

Financial Transactions and Reports Analysis Centre of Canada

Centre d'analyse des opérations et déclarations financières du Canada
Agency overview
Formed	October, 2000, by Act of Parliament (Bill C-22)[1]
Headquarters	Ottawa, Ontario, Canada
Employees	342[2]
Annual budget	$51.5 million
Minister responsible	Bill Morneau, Minister of Finance
Agency executive	Gérald Cossette[3], Director
Parent agency	Department of Finance
Website	www.fintrac-canafe.gc.ca

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) gathers, analyzes, assesses, and discloses financial intelligence. Originally created in July 2000 to counter suspected money laundering, FINTRAC's mandate was expanded in December 2001 to provide the Canadian Security Intelligence Service (CSIS) with information on terrorist financing that threaten the security of Canada.^[4]

FINTRAC was established under the Proceeds of Crime (Money Laundering) Act, which was amended in December, 2001 to become the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). FINTRAC's mandate was further amended in 2006 under Bill C-25 to expand the scope and require more detailed reporting by entities and individuals when certain risks thresholds were exceeded or identified. The Director of FINTRAC reports to the Minister of Finance.

FINTRAC receives information on:

• Suspicious transactions
• Suspected terrorist property
• Large cash transactions^[5]
• Electronic funds transfer
• Cross border currency reporting

In 2006, FINTRAC identified over CA$5 billion in suspected money laundering and terrorist financing.

Suspicious transactions are financial transactions that there are reasonable grounds to suspect are related to the commission of a money laundering offence. Since June 12, 2002, suspicious transactions also include financial transactions that there are reasonable grounds to suspect are related to the commission of a terrorist activity financing offence. Suspicious transactions must be reported by financial entities (banks and financial dealers), money services businesses, life insurance companies and agents, certain government agencies that take deposits (such as Canada Post), accountants or accounting firms, real estate agents and brokers, and casinos.

Since June 2002, FINTRAC is a member of the Egmont Group of Financial Intelligence Units.^[6]

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.^[7]

• Gérald Cossette, October 15, 2012-^[8]
• Jeanne M. Flemming, March 3, 2008 – 2012^[9]
• Keith Fernandez, Acting Director, 2007-2008^[10]
• Horst Intscher, 2000-2007

Reports

List of reports filed to FINTRAC:

• Suspicious transaction reports
• Large cash transaction reports
• Electronic funds transfer reports
• Casino disbursement reports

See also

• Anti-money laundering
• FinCEN
• Financial transaction tax
• Suspicious activity report
• Tax avoidance and tax evasion
• Office of Terrorism and Financial Intelligence (United States)

External links

• FINTRAC home page

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."^[11]

References

1. http://www.parl.gc.ca/LegisInfo/BillDetails.aspx?Language=E&Mode=1&billId=9849
2. "Statement by Darlene Boileau, Deputy Director, Strategic Policy and Public Affairs Financial Transactions and Reports Analysis Centre of Canada, before the Senate Banking, Trade and Commerce Committee". Fintrac. 2012-02-09. Retrieved 2012-06-09.
3. "Director". Financial Transactions and Reports Analysis Centre of Canada. 2015-10-08. Retrieved 2015-12-14.
4. "FINTRAC - Who We Are". Retrieved 2006-06-28.
5. A large cash transaction is considered to be CA$10,000 or more.
6. "FINTRAC is a member of the Egmont Group". FINTRAC. 2012-06-04.
7. "Proceeds of Crime (Money Laundering) and Terrorist Financing Act". Laws-lois.justice.gc.ca. Retrieved 2013-09-07.
8. "Financial Transactions and Reports Analysis Centre of Canada - Director".
9. "Prime Minister announces changes in the senior ranks of the Public Service - Prime Minister of Canada". Pm.gc.ca. Retrieved 2013-09-07.
10. "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.
11. "Audit of the Financial Transactions and Reports Analysis Centre of Canada". Retrieved 2010-07-21.