FINTRAC Statement – Financial Action Task Force (FATF) Evaluation

From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

Statement

FINTRAC issued the following statement in response to the publication of FATF’s Evaluation of Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime:

September 29, 2026

FINTRAC welcomes the Financial Action Task Force’s (FATF) evaluation of Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime.

The Centre is pleased the FATF evaluation recognized that its financial intelligence is, to a very large extent, supporting the operational needs of Canada’s law enforcement and national security agencies.

The FATF evaluation found that FINTRAC is substantially effective in generating high-quality financial intelligence that is valued by law enforcement and used in 94% of their investigations into money laundering and criminal possession offences.

In 2025–26, FINTRAC produced 3,007 unique disclosures, the largest number of disclosures that the Centre has generated in a single year. The Centre’s financial intelligence contributed to 348 major, resource intensive (project-level) investigations as well as many hundreds of other individual investigations at the municipal, provincial and federal levels across the country, and internationally.

The FATF evaluation also found FINTRAC's strategic intelligence products are a significant input to Canada's understanding of money laundering and terrorist financing risks and have demonstrable influence on national strategies and policies.

In relation to FINTRAC’s supervision of businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act), the FATF evaluation found that the Centre has a strong capability in terms of research and analytics and has a good understanding of the sectoral money laundering and terrorist financing vulnerabilities.

FINTRAC has taken extensive action to strengthen its supervision of businesses subject to the Act consistent with the recommendations in the FATF evaluation.

FINTRAC recently finalized and implemented a new Supervision Framework to advance its robust, risk-based approach to supervision. The Centre has also strengthened key foundational elements of its supervisory program, including enhancing its risk tools, questionnaires and sector profiles to improve the quality of risk information and deepen FINTRAC’s understanding of sector-specific threats and vulnerabilities.

Over the past year, FINTRAC increased significantly the scope of its oversight and supervisory activities, undertaking a record number of activities to assess the compliance of businesses subject to the Act.

When FINTRAC finds non-compliance with the Act and Regulations, it has taken firm action. In 2025–26, the Centre issued 35 notices of violation, up 52% from the previous year, for more than $247 million, by far the largest amount in the Centre’s history.

With the passage of the Strengthening Canada's Immigration System and Borders Act in March 2026, the Government of Canada increased the size of the Centre’s penalties by up to 40 times the current amounts, making it clear that businesses will not be allowed to treat non-compliance as a cost of doing business.

With a 60% ($37 million) increase in FINTRAC’s supervisory-related resources over the next two years, the Centre will continue to strengthen its oversight of the 38,000 businesses subject to the Act, including fully addressing FATF’s recommendations.

FINTRAC will also work closely with the Department of Finance Canada and its Anti-Money Laundering and Anti-Terrorist Financing Regime partners to prepare for the regular follow-up review process in the coming years.