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Financial Transactions and Reports Analysis Centre of Canada
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<h2 id="activities">Activities</h2> <p>FINTRAC receives information from regulated entities on: </p> <ul><li>Suspicious transactions</li> <li>Suspected terrorist property</li> <li>Large cash transactions<a class="footnote-ref" id="fnref:4" href="#fn:4"><sup>4</sup></a></li> <li>Outgoing or Incoming International <a href="/facts/Electronic_funds_transfer/w1FMzCPY">Electronic funds transfer</a> over $10,000 CAD<a class="footnote-ref" id="fnref:5" href="#fn:5"><sup>5</sup></a> within a 24-hour period</li> <li>Cross border currency reporting</li></ul> <p>In 2009, FINTRAC estimated that the amount of money laundered on an annual basis is somewhere between $5 and $15 billion.<a class="footnote-ref" id="fnref:6" href="#fn:6"><sup>6</sup></a> </p><p>FINTRAC publishes annual results, quarterly updates, performance reports, and notices.<a class="footnote-ref" id="fnref:7" href="#fn:7"><sup>7</sup></a> </p><p>FINTRAC analyzes approximately 19 million transactions per year.<a class="footnote-ref" id="fnref:8" href="#fn:8"><sup>8</sup></a> In 2017, FINTRAC made 2,000 disclosures to police forces.<a class="footnote-ref" id="fnref:9" href="#fn:9"><sup>9</sup></a> </p> <h2 id="directors">Directors</h2> <p>The Director is appointed by the <a href="/facts/Governor_General_of_Canada/jtxQLBDr">Governor-in-Council</a> for a term of not more than five years <a href="/facts/At_Her_Majesty%27s_Pleasure/JYsRAQkM">during the pleasure of the Governor General</a> 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.<a class="footnote-ref" id="fnref:10" href="#fn:10"><sup>10</sup></a> </p> <ul><li>Sarah Paquet, November 18, 2020<a class="footnote-ref" id="fnref:11" href="#fn:11"><sup>11</sup></a></li> <li>Nada Semaan, March 5, 2018<a class="footnote-ref" id="fnref:12" href="#fn:12"><sup>12</sup></a></li> <li>Barry MacKillop <i>(Interim Director)</i>, October 18, 2017 - March 4, 2018.<a class="footnote-ref" id="fnref:13" href="#fn:13"><sup>13</sup></a></li> <li>Gérald Cossette, October 15, 2012 – October 17, 2017<a class="footnote-ref" id="fnref:14" href="#fn:14"><sup>14</sup></a></li> <li>Jeanne M. Flemming, March 3, 2008 – 2012<a class="footnote-ref" id="fnref:15" href="#fn:15"><sup>15</sup></a></li> <li>Keith Fernandez, acting director, 2007 - 2008<a class="footnote-ref" id="fnref:16" href="#fn:16"><sup>16</sup></a></li> <li>Horst Intscher, 2000 - 2007</li></ul> <h2 id="reports">Reports</h2> <p>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 <i>batch report</i>, which enables the submission of several reports at once using a <a href="/facts/Public_key_certificate/J7aYI4Bx">public key certificate</a>.<a class="footnote-ref" id="fnref:17" href="#fn:17"><sup>17</sup></a> The following activities<a class="footnote-ref" id="fnref:18" href="#fn:18"><sup>18</sup></a> are to be filed in reports to FINTRAC: </p> <ul><li>Suspicious transactions<a class="footnote-ref" id="fnref:19" href="#fn:19"><sup>19</sup></a></li> <li>Large cash transactions<a class="footnote-ref" id="fnref:20" href="#fn:20"><sup>20</sup></a><a class="footnote-ref" id="fnref:21" href="#fn:21"><sup>21</sup></a></li> <li>Large virtual currency transactions<a class="footnote-ref" id="fnref:22" href="#fn:22"><sup>22</sup></a></li> <li>Electronic funds transfers<a class="footnote-ref" id="fnref:23" href="#fn:23"><sup>23</sup></a></li> <li>Casino disbursements<a class="footnote-ref" id="fnref:24" href="#fn:24"><sup>24</sup></a></li> <li>Terrorist property<a class="footnote-ref" id="fnref:25" href="#fn:25"><sup>25</sup></a></li> <li>Alternative to large cash transaction reports<a class="footnote-ref" id="fnref:26" href="#fn:26"><sup>26</sup></a></li></ul> <p>FINTRAC can also receive the following information: </p> <ul><li>Cross-border currency or monetary instruments reports<a class="footnote-ref" id="fnref:27" href="#fn:27"><sup>27</sup></a></li> <li>Voluntary Information<a class="footnote-ref" id="fnref:28" href="#fn:28"><sup>28</sup></a></li></ul> <h2 id="oversight">Oversight</h2> <p>FINTRAC reports to the <a href="/facts/Parliament_of_Canada/4YQfaTxt">Parliament of Canada</a> through the <a href="/facts/Minister_of_Finance_(Canada)/mDgX2p5k">Minister of Finance</a>. Section 72(2) of the <i>Proceeds of Crime (Money Laundering and Terrorist Financing) Act</i> also mandates audits of FINTRAC by the <a href="/facts/Privacy_Commissioner_of_Canada/xrfQIrEl">Privacy Commissioner of Canada</a> every two years.<a class="footnote-ref" id="fnref:29" href="#fn:29"><sup>29</sup></a> </p><p>Since 2019 its national security and intelligence activities are subject to oversight by the <a href="/facts/National_Security_and_Intelligence_Review_Agency/N4X9sLcm">National Security and Intelligence Review Agency</a> and the <a href="/facts/National_Security_and_Intelligence_Committee_of_Parliamentarians/8CyXnfAc">National Security and Intelligence Committee of Parliamentarians</a>.<a class="footnote-ref" id="fnref:30" href="#fn:30"><sup>30</sup></a> </p> <h2 id="criticism">Criticism</h2> <p>In 2009, the <a href="/facts/Privacy_Commissioner_of_Canada/xrfQIrEl">Privacy Commissioner of Canada</a> reported that FINTRAC was receiving and retaining personal information beyond its remit, in breach of the <a href="/facts/Privacy_Act_(Canada)/DLDL68gR">Privacy Act</a>, and that this "presents an unquestionable risk to privacy by making available for use or disclosure personal information which should never have been obtained."<a class="footnote-ref" id="fnref:31" href="#fn:31"><sup>31</sup></a> </p> <h2 id="see-also">See also</h2> <ul><li><a href="/facts/FinCEN/C5q21sov">FinCEN</a></li> <li><a href="/facts/Suspicious_activity_report/Xz4DLjwT">Suspicious activity report</a></li> <li><a href="/facts/Tax_avoidance_and_tax_evasion/W49V6gWv">Tax avoidance and tax evasion</a></li> <li><a href="/facts/Under_Secretary_of_the_Treasury_for_Terrorism_and_Financial_Intelligence/uP38NQQ2">Office of Terrorism and Financial Intelligence</a> (<a href="/facts/United_States/P0sCdLe5">United States</a>)</li></ul> <h2 id="external-links">External links</h2> <ul><li><a href="http://www.fintrac.gc.ca">Official website</a></li></ul> <h2 id="references">References</h2> <ol> <li id="fn:1"><p>"FINTRAC - Who We Are". Retrieved 2006-06-28. <a href="http://www.fintrac.gc.ca/fintrac-canafe/1_e.asp" target="_blank">http://www.fintrac.gc.ca/fintrac-canafe/1_e.asp</a> <a href="#fnref:1" class="footnote-back-ref">↩</a></p></li> <li id="fn:2"><p>"Bill C-25 (Historical) | openparliament.ca". openparliament.ca. Retrieved 2018-04-25. <a href="https://openparliament.ca/bills/39-1/C-25/?page=4" target="_blank">https://openparliament.ca/bills/39-1/C-25/?page=4</a> <a href="#fnref:2" class="footnote-back-ref">↩</a></p></li> <li id="fn:3"><p>"FINTRAC is a member of the Egmont Group". FINTRAC. 2012-06-04. <a href="http://www.fintrac-canafe.gc.ca/publications/inter/egmont-eng.asp" target="_blank">http://www.fintrac-canafe.gc.ca/publications/inter/egmont-eng.asp</a> <a href="#fnref:3" class="footnote-back-ref">↩</a></p></li> <li id="fn:4"><p>A large cash transaction is considered to be CA$10,000 or more. <a href="/wiki/Canadian_dollar" target="_blank">/wiki/Canadian_dollar</a> <a href="#fnref:4" class="footnote-back-ref">↩</a></p></li> <li id="fn:5"><p>Canada, Financial Transactions and Reports Analysis Centre of (6 December 2003). "Electronic funds transfers". www.fintrac-canafe.gc.ca. Retrieved 2018-04-25. <a href="http://www.fintrac-canafe.gc.ca/reporting-declaration/Info/rptEFT-eng.asp" target="_blank">http://www.fintrac-canafe.gc.ca/reporting-declaration/Info/rptEFT-eng.asp</a> <a href="#fnref:5" class="footnote-back-ref">↩</a></p></li> <li id="fn:6"><p>"Money laundering in Canada, 2009". www.statcan.gc.ca. Retrieved 2018-04-25. <a href="https://www.statcan.gc.ca/pub/85-005-x/2011001/article/11454-eng.htm#a1" target="_blank">https://www.statcan.gc.ca/pub/85-005-x/2011001/article/11454-eng.htm#a1</a> <a href="#fnref:6" class="footnote-back-ref">↩</a></p></li> <li id="fn:7"><p>Canada, Financial Transactions and Reports Analysis Centre of (30 May 2015). "Corporate reports". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26. <a href="http://www.fintrac-canafe.gc.ca/about-apropos/corp-publications-eng.asp" target="_blank">http://www.fintrac-canafe.gc.ca/about-apropos/corp-publications-eng.asp</a> <a href="#fnref:7" class="footnote-back-ref">↩</a></p></li> <li id="fn:8"><p>Leblanc, Daniel; Hannay, Chris (November 28, 2018). "Raj Grewal queried federal agencies on ability to probe money laundering". The Globe and Mail. Archived from the original on December 2, 2018. <a href="https://web.archive.org/web/20181202111819/https://www.theglobeandmail.com/politics/article-raj-grewal-queried-federal-agencies-on-ability-to-probe-money/" target="_blank">https://web.archive.org/web/20181202111819/https://www.theglobeandmail.com/politics/article-raj-grewal-queried-federal-agencies-on-ability-to-probe-money/</a> <a href="#fnref:8" class="footnote-back-ref">↩</a></p></li> <li id="fn:9"><p>Leblanc, Daniel; Hannay, Chris (November 28, 2018). "Raj Grewal queried federal agencies on ability to probe money laundering". The Globe and Mail. Archived from the original on December 2, 2018. <a href="https://web.archive.org/web/20181202111819/https://www.theglobeandmail.com/politics/article-raj-grewal-queried-federal-agencies-on-ability-to-probe-money/" target="_blank">https://web.archive.org/web/20181202111819/https://www.theglobeandmail.com/politics/article-raj-grewal-queried-federal-agencies-on-ability-to-probe-money/</a> <a href="#fnref:9" class="footnote-back-ref">↩</a></p></li> <li id="fn:10"><p>"Proceeds of Crime (Money Laundering) and Terrorist Financing Act". Laws-lois.justice.gc.ca. Retrieved 2013-09-07. <a href="https://laws-lois.justice.gc.ca/eng/acts/P-24.501/FullText.html" target="_blank">https://laws-lois.justice.gc.ca/eng/acts/P-24.501/FullText.html</a> <a href="#fnref:10" class="footnote-back-ref">↩</a></p></li> <li id="fn:11"><p>Canada, Financial Transactions and Reports Analysis Centre of (7 May 2008). "Director and Chief Executive Officer". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26. <a href="http://www.fintrac-canafe.gc.ca/about-apropos/director-directrice-eng.asp" target="_blank">http://www.fintrac-canafe.gc.ca/about-apropos/director-directrice-eng.asp</a> <a href="#fnref:11" class="footnote-back-ref">↩</a></p></li> <li id="fn:12"><p>Canada, Financial Transactions and Reports Analysis Centre of (7 May 2008). "Director and Chief Executive Officer". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26. <a href="http://www.fintrac-canafe.gc.ca/about-apropos/director-directrice-eng.asp" target="_blank">http://www.fintrac-canafe.gc.ca/about-apropos/director-directrice-eng.asp</a> <a href="#fnref:12" class="footnote-back-ref">↩</a></p></li> <li id="fn:13"><p>"The Prime Minister announces changes in the senior ranks of the Public Service". Archived from the original on 2018-02-28. Retrieved 2018-02-27. <a href="https://web.archive.org/web/20180228041303/https://www.newswire.ca/news-releases/the-prime-minister-announces-changes-in-the-senior-ranks-of-the-public-service-675191303.html" target="_blank">https://web.archive.org/web/20180228041303/https://www.newswire.ca/news-releases/the-prime-minister-announces-changes-in-the-senior-ranks-of-the-public-service-675191303.html</a> <a href="#fnref:13" class="footnote-back-ref">↩</a></p></li> <li id="fn:14"><p>"Financial Transactions and Reports Analysis Centre of Canada - Director". <a href="http://www.fintrac-canafe.gc.ca/fintrac-canafe/director-directeur-eng.asp" target="_blank">http://www.fintrac-canafe.gc.ca/fintrac-canafe/director-directeur-eng.asp</a> <a href="#fnref:14" class="footnote-back-ref">↩</a></p></li> <li id="fn:15"><p>"Prime Minister announces changes in the senior ranks of the Public Service - Prime Minister of Canada". Pm.gc.ca. Archived from the original on 2010-03-02. Retrieved 2013-09-07. <a href="https://web.archive.org/web/20100302134705/http://www.pm.gc.ca/eng/media.asp?id=1990" target="_blank">https://web.archive.org/web/20100302134705/http://www.pm.gc.ca/eng/media.asp?id=1990</a> <a href="#fnref:15" class="footnote-back-ref">↩</a></p></li> <li id="fn:16"><p>"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. <a href="http://www.fintrac-canafe.gc.ca/publications/PD/pd/senior-eng.asp?m=1" target="_blank">http://www.fintrac-canafe.gc.ca/publications/PD/pd/senior-eng.asp?m=1</a> <a href="#fnref:16" class="footnote-back-ref">↩</a></p></li> <li id="fn:17"><p>Government of Canada, Financial Transactions and Reports Analysis Centre of Canada (2005-12-06). "Batch reporting | FINTRAC – Canada.ca". fintrac-canafe.canada.ca. Retrieved 2023-04-22. <a href="https://fintrac-canafe.canada.ca/reporting-declaration/info/batch-lots-eng" target="_blank">https://fintrac-canafe.canada.ca/reporting-declaration/info/batch-lots-eng</a> <a href="#fnref:17" class="footnote-back-ref">↩</a></p></li> <li id="fn:18"><p>Canada, Financial Transactions and Reports Analysis Centre of (30 May 2015). "Financial transactions that must be reported". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26. <a href="http://www.fintrac-canafe.gc.ca/reporting-declaration/rpt-eng.asp" target="_blank">http://www.fintrac-canafe.gc.ca/reporting-declaration/rpt-eng.asp</a> <a href="#fnref:18" class="footnote-back-ref">↩</a></p></li> <li id="fn:19"><p>Government of Canada, Financial Transactions and Reports Analysis Centre of Canada (2008-06-10). "Reporting suspicious transactions to FINTRAC | FINTRAC – Canada.ca". fintrac-canafe.canada.ca. Retrieved 2023-04-22. <a href="https://fintrac-canafe.canada.ca/guidance-directives/transaction-operation/Guide3/str-eng" target="_blank">https://fintrac-canafe.canada.ca/guidance-directives/transaction-operation/Guide3/str-eng</a> <a href="#fnref:19" class="footnote-back-ref">↩</a></p></li> <li id="fn:20"><p>A large cash transaction is considered to be CA$10,000 or more. <a href="/wiki/Canadian_dollar" target="_blank">/wiki/Canadian_dollar</a> <a href="#fnref:20" class="footnote-back-ref">↩</a></p></li> <li id="fn:21"><p>Government of Canada, Financial Transactions and Reports Analysis Centre of Canada (2008-06-10). "Guideline 7A: Submitting Large Cash Transaction Reports to FINTRAC Electronically | FINTRAC – Canada.ca". fintrac-canafe.canada.ca. Retrieved 2023-04-22. <a href="https://fintrac-canafe.canada.ca/guidance-directives/transaction-operation/Guide7A/lctr-eng" target="_blank">https://fintrac-canafe.canada.ca/guidance-directives/transaction-operation/Guide7A/lctr-eng</a> <a href="#fnref:21" class="footnote-back-ref">↩</a></p></li> <li id="fn:22"><p>Government of Canada, Financial Transactions and Reports Analysis Centre of Canada (2021-06-01). "Reporting large virtual currency transactions to FINTRAC | FINTRAC – Canada.ca". fintrac-canafe.canada.ca. Retrieved 2023-04-22. <a href="https://fintrac-canafe.canada.ca/guidance-directives/transaction-operation/lvctr/lvctr-eng" target="_blank">https://fintrac-canafe.canada.ca/guidance-directives/transaction-operation/lvctr/lvctr-eng</a> <a href="#fnref:22" class="footnote-back-ref">↩</a></p></li> <li id="fn:23"><p>Canada, Financial Transactions and Reports Analysis Centre of (6 December 2003). "Electronic funds transfers". www.fintrac-canafe.gc.ca. Retrieved 2018-04-25. <a href="http://www.fintrac-canafe.gc.ca/reporting-declaration/Info/rptEFT-eng.asp" target="_blank">http://www.fintrac-canafe.gc.ca/reporting-declaration/Info/rptEFT-eng.asp</a> <a href="#fnref:23" class="footnote-back-ref">↩</a></p></li> <li id="fn:24"><p>Canada, Financial Transactions and Reports Analysis Centre of (June 1, 2021). "Submitting Casino Disbursement Reports to FINTRAC Electronically". www.fintrac-canafe.gc.ca. Retrieved 2023-04-22. <a href="https://fintrac-canafe.canada.ca/guidance-directives/transaction-operation/Guide10A/10a-eng" target="_blank">https://fintrac-canafe.canada.ca/guidance-directives/transaction-operation/Guide10A/10a-eng</a> <a href="#fnref:24" class="footnote-back-ref">↩</a></p></li> <li id="fn:25"><p>Canada, Financial Transactions and Reports Analysis Centre of (30 December 2003). "Terrorist Property". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26. <a href="http://www.fintrac-canafe.gc.ca/reporting-declaration/Info/rptTPR-eng.asp" target="_blank">http://www.fintrac-canafe.gc.ca/reporting-declaration/Info/rptTPR-eng.asp</a> <a href="#fnref:25" class="footnote-back-ref">↩</a></p></li> <li id="fn:26"><p>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. <a href="http://www.fintrac-canafe.gc.ca/reporting-declaration/Info/ALT-eng.asp" target="_blank">http://www.fintrac-canafe.gc.ca/reporting-declaration/Info/ALT-eng.asp</a> <a href="#fnref:26" class="footnote-back-ref">↩</a></p></li> <li id="fn:27"><p>Agency, Government of Canada, Canada Border Services (11 December 2013). "Travellers - Travelling with CAN$ 10,000 or more". www.cbsa-asfc.gc.ca. Retrieved 2018-04-26.{{cite web}}: CS1 maint: multiple names: authors list (link) <a href="http://www.cbsa-asfc.gc.ca/travel-voyage/ttd-vdd-eng.html" target="_blank">http://www.cbsa-asfc.gc.ca/travel-voyage/ttd-vdd-eng.html</a> <a href="#fnref:27" class="footnote-back-ref">↩</a></p></li> <li id="fn:28"><p>Government of Canada, Financial Transactions and Reports Analysis Centre of Canada (2020-05-04). "Providing voluntary information | FINTRAC – Canada.ca". fintrac-canafe.canada.ca. Retrieved 2023-04-22. <a href="https://fintrac-canafe.canada.ca/individuals-individus/vol/1-eng" target="_blank">https://fintrac-canafe.canada.ca/individuals-individus/vol/1-eng</a> <a href="#fnref:28" class="footnote-back-ref">↩</a></p></li> <li id="fn:29"><p>Therrien, Daniel (1 March 2018). "Appearance before the House of Commons' Standing Committee on Finance for its statutory review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)". Office of the Privacy Commissioner of Canada. Retrieved 27 June 2020. <a href="https://www.priv.gc.ca/en/opc-actions-and-decisions/advice-to-parliament/2018/parl_20180228/" target="_blank">https://www.priv.gc.ca/en/opc-actions-and-decisions/advice-to-parliament/2018/parl_20180228/</a> <a href="#fnref:29" class="footnote-back-ref">↩</a></p></li> <li id="fn:30"><p>Therrien, Daniel (1 March 2018). "Appearance before the House of Commons' Standing Committee on Finance for its statutory review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA)". Office of the Privacy Commissioner of Canada. Retrieved 27 June 2020. <a href="https://www.priv.gc.ca/en/opc-actions-and-decisions/advice-to-parliament/2018/parl_20180228/" target="_blank">https://www.priv.gc.ca/en/opc-actions-and-decisions/advice-to-parliament/2018/parl_20180228/</a> <a href="#fnref:30" class="footnote-back-ref">↩</a></p></li> <li id="fn:31"><p>"Audit of the Financial Transactions and Reports Analysis Centre of Canada". Retrieved 2010-07-21. <a href="https://www.priv.gc.ca/information/pub/ar-vr/ar-vr_fintrac_200910_e.cfm" target="_blank">https://www.priv.gc.ca/information/pub/ar-vr/ar-vr_fintrac_200910_e.cfm</a> <a href="#fnref:31" class="footnote-back-ref">↩</a></p></li> </ol>