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. Its 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]
Public-private partnerships
Starting in 2016, FINTRAC began a series of public-private partnerships, each with a special project name to be used when reporting suspicious activity and each with a specific type of crime to target.
Project PROTECT, launched in January 2016 in partnership with Bank of Montreal, is aimed at combating human trafficking.[11] According to FINTRAC, reporting on money laundering related to trafficking went up 750% after the special project began.[12]
Project CHAMELEON, led by HSBC and established in 2017, seeks to protect victims of romance fraud.[13]
Project ATHENA is an operation led by the Royal Canadian Mounted Police focused on the movement of money through casinos and underground banking that launched in 2019.[15]
Project SHADOW, a joint effort with Scotiabank that began in December 2020, is designed to prevent child sexual exploitation.[16]
Project LEGION kicked off in 2022 in partnership with Toronto-Dominion Bank and highlights money laundering efforts tied into the sale of cannabis.[17]
Project ANTON, a 2023 international endeavor named in honor of Anton Mzimba, brings attention to the illicit wildlife trade.[18]
Project DOLUS is focused on money laundering disguised through online gambling.[19]
The U.S. corollary to FINTRAC, FinCEN, has also joined in on projects PROTECT, GUARDIAN, SHADOW, and ANTON.[20]
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.[21]
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.[27] The following activities[28] 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."[38]
^ 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.
