Financial Transaction and Reports Analysis Centre of Canada’s 2023–24 Departmental results report: At a glance

A departmental results report provides an account of actual accomplishments against plans, priorities and expected results set out in the associated Departmental Plan.

• Vision, mission, raison d'être and operating context
• Minister's mandate letter

Read the full departmental results report

Key priorities

FINTRAC’s top priorities for 2023–24 were as follows:

Promote a culture of accountability

• Encourage a respectful, inclusive and performance-driven culture that is based on trust and promotes accountability, civility and ethical behaviour.
• Attract, recruit, retain, and manage our diverse talent effectively and strategically to ensure that our people have the technical and behavioural competencies, agility and mindset to position themselves and the Centre for success in the constantly evolving landscape.
• Proactively engage with, and support, various government oversight and review bodies.
• Enhance communications and encourage ongoing, innovative and effective information sharing within FINTRAC and across the Regime.

Prepare FINTRAC for the future

• Implement a strategic, enterprise approach to managing FINTRAC’s infrastructure, applications, and data.
• Implement tools and processes that will effectively enable collaboration, mobility and information sharing.
• Leverage new and emerging technology, enhance digital services, enrich the user experience and explore modern new ways to deliver on the Centre’s mandate.
• Implement a FINTRAC-wide approach for innovation, which includes policy, technology, and processes.
• Strive for continuous growth and excellence by implementing a FINTRAC-wide approach to learning, and training that supports all areas of organizational learning including corporate training, leadership development, executive training and business line training.
• Embrace multiple perspectives and promote internal collaboration that leverages the Centre’s knowledge and expertise in identifying future trends and in addressing possible challenges.

Collaborate to strengthen results

• Regularly identify, review, and prioritize FINTRAC’s relationship with key domestic partners and international stakeholders to ensure alignment with the Centre’s strategic and operational priorities, in line with FINTRAC’s requirement to be independent and operate at arm’s length.
• Play a leadership role in international fora to support the government’s broader global efforts to combat money laundering and terrorist activity financing.
• Leverage FINTRAC’s unique operational vantage point to work with stakeholders and government partners to continuously improve and explore new ways of doing business.
• Proactively collaborate with other Canadian government departments and agencies on policy, legislative and regulatory measures to enhance FINTRAC’s contribution to government policy making and decision making on matters related to money laundering and terrorist activity financing.
• Work with Central agencies in creating more efficient and effective interactions.

Highlights

In 2023–24, total actual spending (including internal services) for FINTRAC was $98,622,919 and total full-time equivalent staff (including internal services) was 537. For complete information on FINTRAC’s total spending and human resources, read the Spending and human resources section of the full report.

The following provides a summary of the department’s achievements in 2023–24 according to its approved Departmental Results Framework. A Departmental Results Framework consists of a department’s core responsibilities, the results it plans to achieve and the performance indicators that measure progress toward these results.

Core responsibility 1: Compliance with Anti-Money Laundering and Anti-Terrorism Financing Legislation and Regulations

Actual spending: $30,938,502

Actual human resources: 185

Departmental results achieved

• Shifted more fully to an enhanced risk-based approach to supervision, where end-to-end operations are now delivered through sector-specific streams.
• Shared extensive information on FINTRAC’s implementation of an assessment of expenses funding model.
• Assessed the compliance of over 600 businesses through one or more types of assessment activity.
• Responded to 10,934 enquiries from businesses in every reporting sector on a broad range of issues.
• Issued 12 Notices of Violation in the amount of $26,115,999.
• Actively contributed to Canada’s preparation for the fifth round the Financial Action Task Force (FATF) mutual evaluation.
• Broadened FINTRAC’s ability to share information through new disclosure recipients, new conditions to permit sharing of compliance-related information, as well as financial intelligence.

More information about Compliance with Anti-Money Laundering and Anti-Terrorism Financing Legislation and Regulations can be found in the ‘Results – what we achieved’ section of the full departmental results report.

Core responsibility 2: Production and dissemination of financial intelligence

Actual spending: $25,037,459

Actual human resources: 134

Departmental results achieved

• Produced more than 4,600 financial intelligence disclosure packages, based on 1,783 unique disclosures.
• Contributed to 266 major, resource intensive investigations as well as many hundreds of other individual investigations at the municipal, provincial and federal levels across the country.
• Proactively provided approximately 20% of the financial intelligence disclosures to Canada’s law enforcement and national security agencies.
• Received 280 queries for information from foreign financial intelligence units in relation to money laundering and terrorist financing, and provided 97 unique disclosures and 231 disclosure packages.
• Collected 159 completed disclosure feedback forms; 92% of which indicated that FINTRAC’s financial intelligence provided new information on known subjects and 72% signaled that it included valuable information on unknown subjects related to their investigations.
• Developed a Project Anton Financial Intelligence Unit (FIU) Toolkit, related to the money laundering of proceeds from illegal wildlife trade, in partnership with fellow FIUs and non-governmental organizations.
• Produced 22 strategic financial intelligence assessments and reports, including an updated Special Bulletin on Russia-linked money laundering activities.

More information about Production and Dissemination of Financial Intelligence can be found in the ‘Results – what we achieved’ section of the full departmental results report.