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.
8-635: FINTRAC has been a member of the Egmont Group of Financial Intelligence Units , an international organization of financial intelligence bodies, since June 2002. FINTRAC receives information from regulated entities on: 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. The Director
16-599: 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: FINTRAC can also receive the following information: 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
24-685: 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. 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
32-692: 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." Egmont Group of Financial Intelligence Units The Egmont Group of Financial Intelligence Units is an international organization that facilitates cooperation and intelligence sharing between national financial intelligence units (FIUs) to investigate and prevent money laundering and terrorist financing . National FIUs collect information on suspicious or unusual financial activity and are responsible for processing and analyzing
40-563: 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 . In 2009, the Privacy Commissioner of Canada reported that FINTRAC was receiving and retaining personal information beyond its remit, in breach of
48-461: The competent authorities, disclosures of financial information: concerning suspected proceeds of crime and potential financing of terrorism, or required by national legislation or regulation, in order to counter money laundering and terrorism financing." The current member FIUs of the group are: The Egmont Groups admits governmental or intergovernmental organizations as non-member observers whose roles relate to preventing money-laundering and/or
56-712: The group's founding meeting took place. The Egmont Group Secretariat established its permanent headquarters in Ottawa on 15 February 2008. The goal of the Egmont Group is to provide a forum for FIUs around the world to improve cooperation in the fight against money laundering and financing of terrorism and to foster the implementation of domestic programs in this field. The Egmont Group provides support to member FIUs by: The US Treasury Department defines an FIU as "a central, national agency responsible for receiving (and, as permitted, requesting), analyzing and disseminating to
64-542: The information received. FIUs are normally not law enforcement agencies themselves, findings are shared with appropriate law enforcement or prosecution bodies if sufficient evidence of unlawful activity is found. The Egmont Group is headquartered in Ottawa , Ontario , Canada . The Egmont Group was formed in 1995 as an informal network of 24 national FIUs, taking its name from the Egmont Palace in Brussels where
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