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Financial Transactions and Reports Analysis Centre of Canada

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Not to be confused with Tracfin.
Financial Transactions and Reports Analysis Centre of Canada
Centre d'analyse des opérations et déclarations financières du Canada
Agency overview
FormedOctober, 2000, by Act of Parliament (Bill C-22)[1]
HauptsitzOttawa, Ontario, Canada
Employees342[2]
Annual budget$51.5 million
Minister responsible
Agency executive
  • Barry MacKillop[3], Interim Director
Parent agencyDepartment of Finance
Websitefintrac-canafe.gc.ca

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.[4]

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[5] 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.

The Director of FINTRAC reports to the Minister of Finance.

Since June 2002, FINTRAC is a member of the Egmont Group of Financial Intelligence Units.[6]

Activities

FINTRAC receives information from regulated entities on:

  • Suspicious transactions
  • Suspected terrorist property
  • Large cash transactions[7]
  • Outgoing or Incoming International Electronic funds transfer over $10,000 CAD[8] 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[9].

FINTRAC publishes Annual results, Quarterly updates, performance reports, and notices.[10]

FINTRAC analyzes approximately 19 million transactions per year.[11] In 2017, FINTRAC made 2,000 disclosures to police forces.[11]

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.[12]

  • Nada Semaan, March 5, 2018[13]
  • Barry MacKillop (Interim Director), October 18, 2017 - March 4, 2018.[14]
  • Gérald Cossette, October 15, 2012 – October 17, 2017[15]
  • Jeanne M. Flemming, March 3, 2008 – 2012[16]
  • Keith Fernandez, Acting Director, 2007 - 2008[17]
  • Horst Intscher, 2000 - 2007

Reports

Depending on reporting entities activities the following reports [18] are to be filed with FINTRAC.

  • Suspicious transactions[19]
  • Large cash transactions[7]
  • Electronic funds transfers[8]
  • Casino disbursements[20]
  • Terrorist property[21]
  • Alternative to large cash transaction reports[22]

FINTRAC can also receive the following information.

  • Cross-border currency or monetary instruments reports[23]
  • Voluntary Information

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."[24]

Trivia

The organization administrates Alibaba, an identified shady company in China. During Jan 2018, when requested by Chinese Taobao user nexushd with multiple phone calls for a full recovery of all accidentally deleted purchase records, among which some are linked to telecom scam, corruption, and money laundering witnessed or overheard on social app MOMO account during a cyber-only anonymous random airdrop, his management team not only choose to reject by ignore (no data is recovered by March 2019) but also revenge by telecom spamming and tampering all linked accounts' info to intimidate the user and his family. In August 2018, owner of nexushd account requested on Weibo (ParkerGrey) for FBI investigation but was oppressed. Spygate scandal follows on, On Jun 20, 2019, user waynewake (taobao user nexushd) reported on Twitter that Internet connection of his parents home probably cellphone as well (China Telecom and China Mobile) at Jiaxing,Zhejiang are under illegal tapping, rendering bussiness espionage, privacy violation, etc, these talks are later found in project plans of Alibaba and Zhejiang University. Interpol investigation was requested but with no response.

See also

References

  1. ^ http://www.parl.gc.ca/LegisInfo/BillDetails.aspx?Language=E&Mode=1&billId=9849
  2. ^ "Statement by Darlene Boileau, Deputy Director, Strategic Policy and Public Affairs Financial Transactions and Reports Analysis Centre of Canada, before the Senate Banking, Trade and Commerce Committee". Fintrac. 2012-02-09. Retrieved 2012-06-09.
  3. ^ "Director". Financial Transactions and Reports Analysis Centre of Canada. 2015-10-08. Retrieved 2015-12-14.
  4. ^ "FINTRAC - Who We Are". Retrieved 2006-06-28.
  5. ^ "Bill C-25 (Historical) | openparliament.ca". openparliament.ca. Retrieved 2018-04-25.
  6. ^ "FINTRAC is a member of the Egmont Group". FINTRAC. 2012-06-04.
  7. ^ a b A large cash transaction is considered to be CA$10,000 or more.
  8. ^ a b Canada, Financial Transactions and Reports Analysis Centre of. "Electronic funds transfers". www.fintrac-canafe.gc.ca. Retrieved 2018-04-25.
  9. ^ "Money laundering in Canada, 2009". www.statcan.gc.ca. Retrieved 2018-04-25.
  10. ^ Canada, Financial Transactions and Reports Analysis Centre of. "Corporate reports". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
  11. ^ a b 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.
  12. ^ "Proceeds of Crime (Money Laundering) and Terrorist Financing Act". Laws-lois.justice.gc.ca. Retrieved 2013-09-07.
  13. ^ Canada, Financial Transactions and Reports Analysis Centre of. "Director and Chief Executive Officer". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
  14. ^ The Prime Minister announces changes in the senior ranks of the Public Service
  15. ^ "Financial Transactions and Reports Analysis Centre of Canada - Director".
  16. ^ "Prime Minister announces changes in the senior ranks of the Public Service - Prime Minister of Canada". Pm.gc.ca. Retrieved 2013-09-07.
  17. ^ "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.
  18. ^ Canada, Financial Transactions and Reports Analysis Centre of. "Financial transactions that must be reported". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
  19. ^ Canada, Financial Transactions and Reports Analysis Centre of. "Suspicious transactions". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
  20. ^ Canada, Financial Transactions and Reports Analysis Centre of. "Casino Disbursements". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
  21. ^ Canada, Financial Transactions and Reports Analysis Centre of. "Terrorist Property". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
  22. ^ Canada, Financial Transactions and Reports Analysis Centre of. "Alternative to large cash transactions". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
  23. ^ Agency, Government of Canada, Canada Border Services. "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)
  24. ^ "Audit of the Financial Transactions and Reports Analysis Centre of Canada". Retrieved 2010-07-21.
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