• Source: Financial Transactions and Reports Analysis Centre of Canada

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 intelligence agency 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. 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.
FINTRAC has been a member of the Egmont Group of Financial Intelligence Units, an international organization of financial intelligence bodies, since June 2002.




Activities


FINTRAC receives information from regulated entities on:

Suspicious transactions
Suspected terrorist property
Large cash transactions
Outgoing or Incoming International Electronic funds transfer over $10,000 CAD within a 24-hour period
Cross border currency reporting
In 2009, FINTRAC estimated that the amount of money laundered on an annual basis is somewhere between $5 and $15 billion.
FINTRAC publishes annual results, quarterly updates, performance reports, and notices.
FINTRAC analyzes approximately 19 million transactions per year. In 2017, FINTRAC made 2,000 disclosures to police forces.




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.

Sarah Paquet, November 18, 2020
Nada Semaan, March 5, 2018
Barry MacKillop (Interim Director), October 18, 2017 - March 4, 2018.
Gérald Cossette, October 15, 2012 – October 17, 2017
Jeanne M. Flemming, March 3, 2008 – 2012
Keith Fernandez, acting director, 2007 - 2008
Horst Intscher, 2000 - 2007




Reports


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. The following activities are to be filed in reports to FINTRAC:

Suspicious transactions
Large cash transactions
Large virtual currency transactions
Electronic funds transfers
Casino disbursements
Terrorist property
Alternative to large cash transaction reports
FINTRAC can also receive the following information:

Cross-border currency or monetary instruments reports
Voluntary Information




Oversight


FINTRAC reports to the Parliament of Canada through the Minister of Finance. Section 72(2) of the Proceeds of Crime (Money Laundering and Terrorist Financing) Act also mandates audits of FINTRAC by the Privacy Commissioner of Canada every two years.
Since 2019 its national security and intelligence activities are subject to oversight by the National Security and Intelligence Review Agency and the National Security and Intelligence Committee of Parliamentarians.




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."




See also


FinCEN
Suspicious activity report
Tax avoidance and tax evasion
Office of Terrorism and Financial Intelligence (United States)




References






External links


Official website

Kata Kunci Pencarian:

• Financial Transactions and Reports Analysis Centre of Canada
• Financial Intelligence Unit
• Minister of Finance (Canada)
• Know your customer
• Egmont Group of Financial Intelligence Units
• National Intelligence Coordination Centre
• Department of Finance Canada
• Politically exposed person
• Australian Transaction Reports and Analysis Centre
• Bitcoin ATM