Financial Transactions and Reports Analysis Centre of Canada

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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.^[1]

FINTRAC was enacted under a piece of legislation known as 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). It was further amended in 2006 under Bill C-25 to expand the scope and require more detailed reporting on entities and individuals when certain risks thresholds were exceeded. It organized under the Department of Finance, and it reports to the Minister of Finance.

FINTRAC receives information on:

Suspicious transactions
Suspected terrorist property
Large cash transactions^[2]
Electronic funds transfer
Cross border currency reporting

In 2006, FINTRAC identified over CA$5 billion in suspected money laundering and terrorist financing.

Who must report suspicious transactions? Transactions must be reported by money services businesses (banks and financial dealers), government agencies, accountant or accounting firm, real estate agents and brokers, and casinos.

What is a suspicious transaction? Suspicious transactions are financial transactions that there are reasonable grounds to suspect are related to the commission of a money laundering offence. Since June 12, 2002, suspicious transactions also include financial transactions that there are reasonable grounds to suspect are related to the commission of a terrorist activity financing offence.