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.[1]
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:
In 2006, FINTRAC identified over CA$5 billion in suspected money laundering and terrorist financing.
Who must report suspicious transactions? 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.
What is a suspicious transaction? 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.
[edit] Reports
List of reports filed to FINTRAC:
[edit] See also
[edit] External links
[edit] 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."[3]
[edit] References
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