News release: FINTRAC publishes its 2021–22 Annual Report, Safe Canadians, Secure Economy
December 1, 2022 – Ottawa – Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
FINTRAC today published its 2021–22 Annual Report, Safe Canadians, Secure Economy, which describes the significant impact the Centre is having through its activities and operations in helping protect Canadians and Canada's economy.
In addition to supporting a number of national priorities over the past year, including the federal government's efforts to combat Russian-linked money laundering related to sanctions evasion following the Russian Federation's unjustified invasion of Ukraine, FINTRAC contributed to 335 major, resource intensive money laundering and terrorist financing investigations as well as many hundreds of other individual investigations at the municipal, provincial and federal levels across the country. With the information received from Canadian businesses, the Centre was able to generate 2,292 financial intelligence disclosures last year in support of money laundering and terrorist financing investigations across Canada and around the world – or more than six disclosures every single day.
FINTRAC also worked with its federal partners over the past year to support a number of public-private partnerships, which are having a real and meaningful impact on some of Canada's most vulnerable citizens. In collaboration with Canada's banks, which are leading Projects Protect, Guardian, Chameleon, Athena, and Shadow, FINTRAC played a key role in helping to more effectively combat money laundering in British Columbia, the laundering of proceeds stemming from online child sexual exploitation, the trafficking of illicit fentanyl, romance fraud and human trafficking for sexual exploitation. In total last year, we were able to provide 757 disclosures of actionable financial intelligence to Canada's law enforcement agencies in relation to these five public-private partnerships.
In 2021–22, FINTRAC continued to work closely with businesses to ensure they understood and were able to fulfill their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. In addition to publishing comprehensive and sector-specific guidance, the Centre undertook hundreds of outreach engagements and responded to thousands of questions from businesses across the country. As part of its extensive outreach to businesses, FINTRAC also launched a National Anti-Money Laundering/Anti-Terrorist Financing Real Estate Virtual Forum to help those engaged in this sector better understand the threats they are facing and how to work with the Centre to address them.
Over the past year, FINTRAC also took firm action to ensure that businesses fulfilled their responsibilities, issuing 15 Notices of Violation for non-compliance for a total of $3,497,176. The Centre also disclosed seven cases of non-compliance to law enforcement.
"Working collaboratively with our domestic partners and international allies, FINTRAC is having a real and meaningful impact in the lives of Canadians. Whether it's our central role in Canada's successful public-private partnerships, the recognized value of our financial intelligence to critical investigations across the country, or our work with businesses in strengthening the integrity of Canada's financial system, we are making a significant contribution to Canada's battle against money laundering and terrorist activity financing at home and abroad."
- Since becoming operational in 2001, FINTRAC has provided over 24,000 financial intelligence disclosures to Canada's law enforcement and national security agencies.
- FINTRAC's financial intelligence often contains hundreds and even thousands of financial transaction reports in each disclosure, which speaks to the complexity of connecting the flow of illicit funds involving organized criminal groups.
- For example, the 382 disclosure packages that FINTRAC provided to municipal, provincial and federal law enforcement in British Columbia in 2021–22 were focused on 890 individuals and, in total, contained more than 30,000 transaction reports, with some reports including numerous transactions. The approximate value in the transactions relevant to money laundering investigations was $2.88 billion.
- The top three predicate offences related to FINTRAC's financial intelligence disclosures in 2021–22 were drugs (33%), fraud (23%), human smuggling/trafficking (15%).
- FINTRAC received 2,168 voluntary information records from law enforcement and national security agencies in 2021–22.
- 97% of feedback from domestic law enforcement and national security agencies indicated the Centre's financial intelligence was valuable and actionable.
- FINTRAC collaborated with international partners in the Russia-related Sanctions and Illicit Financing FIU Working Group to track the movement of funds around the world and identify opportunities to target individuals and entities subject to sanctions.
- FINTRAC provided 258 disclosures to foreign financial intelligence units and received an overall satisfaction rate of 94% in relation to its financial intelligence in a survey of 17 foreign financial intelligence units.
- FINTRAC conducted 259 compliance examinations across the country in 2021–22, the largest number of which were focused on the real estate sector (96), money services businesses (89), and securities dealers (34).
- Throughout the year, FINTRAC responded to 7,664 enquiries from businesses, issued 365 policy interpretations to assist with compliance, and conducted 231 engagement and outreach activities with businesses and stakeholders across Canada.
- FINTRAC issued 8 Notices of Violation in the real estate sector for a total of $1,517,176, 4 in the financial entity sector for a total of $1,683,000, 2 in the money services businesses sector for a total of $74,250, and 1 in the dealer in precious metals and precious stones sector for a total of $222,750.
- FINTRAC produces valuable strategic intelligence to inform businesses, federal partners, international counterparts and Canadians about the nature and extent of money laundering and terrorist financing in Canada and throughout the world. Over the past year, the Centre published Special Bulletins on Ideologically Motivated Violent Extremism and Russia-linked Money Laundering related to Sanctions Evasion, as well as updated indicators in relation to the Laundering of Proceeds for Human Trafficking for Sexual Exploitation.
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Financial Transactions and Reports Analysis Centre of Canada
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