Financial Transactions and Reports Analysis Centre of Canada's 2024–25 Departmental results report

For the period ending March 31, 2025

The Honourable François-Philippe Champagne, P.C., M.P.
Minister of Finance and National Revenue

ISSN: 2560-8924

On this page

• From the Director and Chief Executive Officer
• Results – what we achieved
  • Core responsibility 1: Compliance with Anti-Money Laundering and Anti-Terrorism Financing Legislation and Regulations
  • Core responsibility 2: Production and dissemination of financial intelligence
  • Internal services
• Spending and human resources
  • Spending
  • Funding
  • Financial statement highlights
  • Human resources
• Supplementary information tables
• Federal tax expenditures
• Corporate information
• Definitions

From the Director and Chief Executive Officer

I am pleased to present FINTRAC's 2024–25 Departmental Results Report, which highlights the critical work we have undertaken to combat money laundering, terrorist financing, and sanctions evasion. With a clear focus on our operational mandate, we have supported broader national and international priorities and helped protect Canada and Canadians, particularly our most vulnerable citizens.

This year, FINTRAC made a significant contribution to the Government of Canada's enhanced commitment to combat illegal fentanyl/illicit opioids. Between November 2024 and the end of March 2025, we produced over 100 disclosures of actionable financial intelligence in support of law enforcement investigations related to illicit opioids. In early 2025, we were recognized by the Canadian Integrated Response to Organized Crime (CIROC) Committee for our role in a national operation that led to the seizure of 46 kilograms of fentanyl, nearly 16,000 pills of fentanyl and other synthetic opioids, a large quantity of other drugs, and more than $800,000 in cash.

To support this national priority, we have redeployed existing resources to establish a rapid intelligence production team to prioritize the disclosure of actionable financial intelligence related to illicit opioids and transnational organized crime. This team has worked in support of priority law enforcement investigations, including the Joint Intelligence Operational Centre, to deliver timely, actionable intelligence. We also supported the Office of Canada's Fentanyl Czar by providing a financial crime expert to help tackle illicit financing associated with illegal fentanyl.

Building on our longstanding work related to Project Guardian, a public-private partnership targeting money laundering linked to illicit opioids, we mobilized our strategic intelligence efforts to identify and assess emerging trends, tactics, and vulnerabilities exploited by transnational criminals and cartels to launder the proceeds of drug trafficking, with a focus on fentanyl/illicit opioids. By analyzing financial activities of illicit drug traffickers, precursor chemical vendors, and underground banking channels, we helped to inform law enforcement efforts with critical insights to detect, deter, and disrupt the financing of illegal fentanyl/illicit opioids.

Internationally, we continued to leverage our longstanding collaboration with our counterparts in the United States and Mexico through the Illicit Finance Working Group, which is part of the North American Drug Dialogue. Together, we developed money-laundering indicators and shared best practices to support and instigate law enforcement investigations.

As part of the national focus on combatting illegal fentanyl, we also helped businesses to identify and assess the money laundering risks associated with illicit opioids, apply measures to mitigate these risks, and report relevant transactions to FINTRAC. Following the listing of seven transnational criminal organizations as terrorist entities under the Criminal Code, we worked with Canadian businesses to update their processes and to ensure they submit reports regarding property held by listed persons or entities. We also shared new money laundering indicators related to illegal fentanyl/illicit opioids and have toughened our oversight of businesses through targeted assessment actions and enhanced monitoring and enforcement activities. As a result of these efforts, reporting from businesses related to illegal fentanyl has increased.

Our contribution to the fight against illegal fentanyl has demonstrated how effectively FINTRAC's full range of operations – our tactical financial intelligence, strategic intelligence and supervisory activities, all supported by modern technology – can be brought to bear to deliver on emerging national priorities.

Beyond our work on illegal fentanyl/illicit opioids, FINTRAC provided valuable financial intelligence to assist in the investigation of money laundering, including in relation to human trafficking, fraud, auto theft, terrorist financing, and threats to Canada's security. Over the past year, we generated more than 2,700 unique disclosures—the largest number in FINTRAC's history. These disclosures supported over 200 complex, resource intensive (project level) investigations and hundreds of additional cases at the municipal, provincial, federal, and international levels. Notably, 96% of the feedback we received from law enforcement and national security agencies confirmed that our intelligence was actionable, including opening new avenues of investigation.

We also helped safeguard Canada's financial system and economy last year by ensuring that businesses comply with the Act and associated Regulations. We conducted more than 1,300 assessment activities—including compliance examinations, monitoring meetings, and targeted outreach. Where non-compliance was identified, we took decisive action, issuing 23 notices of violation totaling over $25 million in penalties, the highest in FINTRAC's history, and disclosing 32 cases of non-compliance to law enforcement for potential criminal investigation.

As we deliver on our operational mandate, we remain focused on implementing our real-time modernization vision to stay ahead of evolving threats. We are advancing FINTRAC-wide digital automation, exploring artificial intelligence and machine learning, and pioneering data analytics to enhance our supervisory activities, improve reporting from businesses, and deliver more timely and insightful financial intelligence to our partners.

For example, in combatting human trafficking, real-time intelligence capabilities will be transformative. It will allow us to proactively identify and assist law enforcement in disrupting networks much quicker. This will mean rescuing victims sooner, supporting survivors earlier, and helping law enforcement target, arrest and charge the traffickers faster, preventing the abuse of new victims. This is the essence of our work—helping to protect Canadians.

I want to recognize and thank FINTRAC's dedicated employees for their professionalism, expertise, and unwavering commitment.

Together, we are making a real difference for Canada and Canadians.

Sarah Paquet
Director and Chief Executive Officer

Results – what we achieved

Core responsibilities and internal services

• Core responsibility 1: Compliance with Anti-Money Laundering and Anti-Terrorism Financing Legislation and Regulations
• Core responsibility 2: Production and dissemination of financial intelligence
• Internal services

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

In this section

• Description
• Quality of life impacts
• Progress on results
• Details on results
• Resources required to achieve results
• Related government priorities
• Program inventory

Description

FINTRAC is responsible for ensuring compliance with Part 1 and Part 1.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its associated Regulations. This legal framework establishes obligations for reporting entities to develop and implement a compliance program in order to identify clients, monitor business relationships, keep records and report certain types of financial transactions. FINTRAC undertakes enabling and enforcement actions to ensure that the reporting entities operating within Canada's financial system fulfill their PCMLTFA obligations. These obligations provide important measures for countering patterns and behaviours observed in criminals and terrorists in order to deter them from operating within the legitimate channels of Canada's economy. FINTRAC also maintains a registry of money services businesses in Canada and foreign money services businesses that direct and provide services to persons and entities in Canada.

Quality of life impacts

Through all of the activities mentioned in the description, this core responsibility contributes to the "Prosperity", "Society", and "Good governance" domains of the Quality of Life Framework for Canada. More specifically, it contributes to the "Future outlook", "Financial well-being", "Trust in others", "Confidence in institutions" and "Crime Severity Index" indicators.

Progress on results

This section details FINTRAC's performance against its targets for each departmental result under Core responsibility 1: Compliance with Anti-Money Laundering and Anti-Terrorism Financing Legislation and Regulations.

Table 1: Targets and results for Compliance with Anti-Money Laundering and Anti-Terrorism Financing Legislation and Regulations

Table 1 shows the target, the date to achieve the target and the actual result for each indicator under Compliance with Anti-Money Laundering and Anti-Terrorism Financing Legislation and Regulations in the last three fiscal years.

Reporting entities are compliant with Anti-Money Laundering and Anti-Terrorist Financing obligations and requirements.

The Results section of the Infographic for FINTRAC on GC Infobase provides additional information on results and performance related to its program inventory.

Details on results

The following section describes the results for Compliance with Anti-Money Laundering and Anti-Terrorism Financing Legislation and Regulations in 2024–25 compared with the planned results set out in FINTRAC's departmental plan for the year.

Results achieved

As part of its core mandate, FINTRAC administers a comprehensive, risk-based compliance program to assist and ensure that businesses fulfill their obligations under the PCMLTFA and associated Regulations.

These obligations allow certain economic activities to be more transparent, which helps deter criminals and terrorists from using Canada's financial system to launder the proceeds of their crimes or to finance terrorist activities.

Compliance with the legislation also ensures that FINTRAC receives the information that it needs to generate actionable financial intelligence for Canada's law enforcement, national security agencies and international allies.

FINTRAC has shifted more fully to an enhanced risk-based approach to supervision over the past couple of years, moving beyond measuring technical compliance to promoting risk awareness, risk identification and effective risk mitigation. As part of this shift, the Centre has changed its operational structure from a regional configuration to a sector-specific structure. This new structure facilitates a deeper understanding of each sector's unique risks and compliance needs and allows for more focused and specialized oversight of the businesses subject to the Act.

In 2024–25, FINTRAC achieved the following results, and more:

Engagement

FINTRAC engages with businesses and their associations to help them understand and comply with their obligations under the Act and Regulations. The Centre focuses its engagement efforts on sectors that are new to Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime and on changes to the Act and Regulations.

• In 2024–25, FINTRAC provided guidance to support a number of new business sectors in meeting their requirements, including mortgage administrators, brokers and lenders; armoured car services; cheque cashing businesses; factoring companies; and financing and leasing businesses.
• The Centre conducted webinars on sanctions evasion, property reporting and the fight against illegal fentanyl/synthetic opioids, which were attended by more than 2,000 participants from every business sector, including all of the new sectors.
• FINTRAC also shared extensive information on FINTRAC's implementation of a new assessment of expenses funding model, which shifts funding for FINTRAC's supervisory activities from taxpayers to businesses subject to the Act.
• FINTRAC undertook outreach and engagement activities with businesses, industry associations, provincial regulators, federal departments and regulators, stakeholders and international partners through virtual and onsite meetings, presentations, conferences, training, and other exchanges of information. One example being the Bank Forum for more than 200 Chief Anti-Money Laundering Officers and other senior representatives of banks across Canada to discuss FINTRAC's modernization and emerging risks and issues in the banking sector.
• During the year, FINTRAC responded to more than 17,000 enquiries from businesses in every reporting sector, including 4,588 telephone enquires.
• As of March 31, 2025, 2,778 money services businesses were registered with the Centre. In total last year, 509 new money services businesses registered or were renewed with FINTRAC. In addition, 198 businesses ceased their registrations, 566 registrations expired (including MSB registrations that expired and were subsequently renewed).
• FINTRAC signed a Joint Memorandum of Understanding (MOU) with the U.S. Office of the Comptroller of Currency (OCC), the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (FDIC), establishing an arrangement for the sharing of supervisory information relating to compliance with anti-money laundering and anti-terrorist financing laws and regulations.
• FINTRAC also finalized a new MOU with the Canada Revenue Agency that allows for the exchange of information in support of the Shared Reporting Process for electronic funds transfers and ensures compliance with legislative reporting obligations.

Assessment

With FINTRAC's shift to enhanced, risk-based supervision, the Centre has heightened the scope of its oversight and supervisory activities, implementing meaningful and timely actions to assess the compliance of businesses. Consistent with Financial Action Task Force (FATF) guidance, these new interventions are expanding FINTRAC's reach and effectiveness, allowing the Centre to screen businesses based on their risk profiles, vulnerability to money laundering and terrorist financing risks and potential non-compliance; assess businesses more quickly; and provide earlier corrective actions aligned with the severity of the deficiencies.

• In 2024–25, FINTRAC assessed the compliance of 1,079 businesses through one or more types of assessment activity. Approximately 85% of businesses assessed by FINTRAC did not require enforcement action. This means that these assessments resulted in no further activity or in a follow-up activity instead of enforcement (e.g., data integrity monitoring, a follow-up assessment, an action plan, etc.).
• FINTRAC received over 287 Voluntary Self-declarations of Non-compliance. Financial entities submitted the majority of these declarations in relation to reports that had not been provided. The Centre collaborated with these entities to ensure that the transactions were submitted accurately to FINTRAC, and provided guidance when it was required.
• Over the past year, FINTRAC also administered 469 Supervisory Risk and Assessment Questionnaires. The evolution of this questionnaire from a primary risk identification tool to a comprehensive assessment instrument enables more profound insights and enhanced monitoring of risks, as it compels businesses to provide details on their risks, business model and compliance measures.
• The Centre's examinations can take the shape of a full-scope examination of the entire compliance program of a business; a modular blitz examination, which focuses on several businesses in the same sector and is centered on a targeted risk and/or vulnerability; or targeted examinations, which are limited to a specific risk or vulnerability or a specific anti-money laundering and anti-terrorist financing control. FINTRAC also conducts follow-up activities, when appropriate, to determine if a business has addressed previous instances of non-compliance. Over the past year, FINTRAC undertook 294 formal examinations. The top three sectors examined were money services businesses, dealers in precious metals and precious stones and credit unions/caisses populaires.
• FINTRAC has also established a process for monitoring financial entities' compliance with their action plan commitments following an examination. The process constitutes ongoing feedback to entities on the actions they take to strengthen their compliance program and address exam findings. An action item is considered closed once the financial entity can demonstrate that it has taken all appropriate corrective measures. The Centre's ongoing engagement with financial entities following an examination reinforces positive compliance behaviours and promotes higher rates of compliance during follow-up activities.
• FINTRAC also undertakes the direct assessment of the compliance of businesses through monitoring meetings. These meetings, between the Centre and the compliance team of a business, are used to assess the money laundering and terrorist financing risk profile of a business as well as the state of its anti-money laundering and anti-terrorist financing program and controls. Over the past year, the Centre held 120 monitoring meetings with banks, including Canada's small and medium-sized banks, credit unions/caisses populaires, accountants, casinos, dealers in precious metals and precious stones, life insurance, medium-sized and larger money services businesses, real estate, securities and trust and loans.

Enforcement

FINTRAC is committed to working with businesses to assist them in understanding and complying with their obligations. However, the Centre is also prepared to take firm action when it is required to ensure that businesses take their responsibilities seriously. This includes imposing administrative monetary penalties when warranted and providing Non-Compliance Disclosures to law enforcement.

FINTRAC's Director and Chief Executive Officer has stressed that combatting money laundering and terrorist financing can never be viewed as a cost centre or an expense – that it is a moral and social imperative to act. Crimes are committed in Canada and across the globe primarily for profit. These crimes – whether it's drug trafficking, fraud, human trafficking or online child sexual exploitation – threaten Canada's communities and most vulnerable citizens. They are not victimless crimes. For example, in the case of human trafficking for sexual exploitation, the majority of victims are women under the age of 25, including minors.

In 2008, FINTRAC received the legislative authority to issue administrative monetary penalties to businesses that are in non-compliance with the Act. Under the legislation, penalties are focused on changing the non-compliant behaviour of businesses. The administrative monetary penalties program supports FINTRAC's mandate by providing a measured and proportionate response to particular instances of non-compliance.

The Act and associated Regulations establish precise penalty ranges for each violation. Within these ranges, specific penalty amounts are calculated based on FINTRAC's Administrative Monetary Penalties policy. The policy outlines clearly and transparently the method used by FINTRAC to calculate penalties for non-compliance with the Act and associated Regulations. The Centre has published a number of specific guides that describe its approach to assessing the harm done by the 200 violations prescribed in the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations, as well as FINTRAC's rationale in determining the corresponding penalty amounts. FINTRAC is required to publicly name all persons and entities that receive an administrative monetary penalty.

In 2024–25, FINTRAC issued 23 Notices of Violation, the largest number in one year in the Centre's history, in the amount of more than $25 million. FINTRAC has imposed more than 150 penalties across most business sectors since it received the legislative authority to do so in 2008.

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, FINTRAC may disclose cases of non-compliance to law enforcement for potential criminal investigation when it is extensive or if there is little expectation of immediate or future compliance. In 2024–25, the Centre disclosed 32 such cases, more than double the number of cases last year and by far the largest number in one year in FINTRAC's history.

Cultivate strategic relationships with key external stakeholders

FINTRAC is committed to leveraging the knowledge and expertise of our domestic and international partners to influence change in the way we detect and deter money laundering and terrorist activity financing.

• FINTRAC is a member of Canada's delegation to the Financial Action Task Force (FATF), an international body that sets standards and promotes the effective implementation of legal, regulatory and operational measures for combatting money laundering and terrorist financing. In 2024–25, the Centre contributed to the review of 12 mutual evaluations, one quality and consistency review and seven follow-up reports. Canada will be undergoing its Mutual Evaluation peer review at the FATF throughout 2025, with its report scheduled to be discussed in June 2026. The review will assess Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime in relation to a wide range of technical compliance and effectiveness measures.
• Over the past year, FINTRAC collaborated on numerous FATF policy and research documents, including on issues such as virtual assets, asset recovery, beneficial ownership, and many others to strengthen international efforts to combat money laundering and terrorist financing. The Centre was also a project team member on the FATF Risks, Trends and Methods Working Group's projects on Online Child Sexual Exploitation and Complex Proliferation Financing and Sanctions Evasion Schemes, and contributed to the Comprehensive Update on Terrorist Financing Risks project.
• FINTRAC also continued to support Canada's international efforts to improve AML/ATF regimes around the world through its active and ongoing contributions to the work of FATF-style regional bodies, including the Caribbean Financial Action Task Force (CFATF) and the Asia/Pacific Group (APG).
• Over the last year, FINTRAC participated in the Counter Illicit Finance Team training in Botswana in September 2024, which was hosted by the U.S. Financial Crimes Enforcement Network and brought together nearly 100 representatives from financial intelligence units, law enforcement and prosecutorial bodies from Angola, Botswana, Comoros, Eswatini, Lesotho, Madagascar, Namibia and South Africa.
• FINTRAC's Director and CEO continued to serve as the Chair of the Egmont Information Exchange Working Group in 2024–25. The Egmont Group connects 170 FIUs worldwide to share information and cooperate to counter money laundering, terrorist financing, and related crimes. As part of this work over the past year, FINTRAC contributed to a number of new and ongoing projects, including in relation to the role of financial intelligence units in combatting sanctions evasion and the abuse of non-profit organizations for terrorist financing activity.
• FINTRAC also serves as a co-lead (with financial intelligence units Brazil and South Africa) of the Egmont Information Exchange Working Group on the Role of FIUs in Fighting Environmental Crimes. This working group was created to enhance global understanding of the problem of environmental crimes and identify best practices to enhance global cooperation, knowledge sharing and effective strategies in combating environmental crimes among global financial intelligence units.
• FINTRAC's Director and CEO serves as a member of the Egmont Committee, which acts as a steering/advisory group for the Chair of Egmont. In this role, she is part of the Information Management Sub-committee where she successfully supported the launch of the new Egmont Secure Web. The Director is also a member of the Egmont Centre of FIU Excellence and Leadership (ECOFEL) Reference Group, which supports ECOFEL related priorities.

Resources required to achieve results

Table 2: Snapshot of resources required for Compliance with Anti-Money Laundering and Anti-Terrorism Financing Legislation and Regulations

Table 2 provides a summary of the planned and actual spending and full-time equivalents required to achieve results.

The Finances section of the Infographic for FINTRAC on GC Infobase and the People section of the Infographic for FINTRAC on GC Infobase provide complete financial and human resources information related to its program inventory.

Related government priorities

More information on FINTRAC's contributions to Canada's Federal Implementation Plan on the 2030 Agenda and the Federal Sustainable Development Strategy can be found in our Departmental Sustainable Development Strategy.

Program inventory

Compliance with Anti-Money Laundering and Anti-Terrorism Financing Legislation and Regulations is supported by the following programs:

• Compliance program
• Strategic policy and reviews

Additional information related to the program inventory for Compliance with Anti-Money Laundering and Anti-Terrorism Financing Legislation and Regulations is available on the Results page on GC InfoBase.

Core responsibility 2: Production and dissemination of financial intelligence

In this section

• Description
• Quality of life impacts
• Progress on results
• Details on results
• Resources required to achieve results
• Related government priorities
• Program inventory

Description

FINTRAC is mandated by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) to produce actionable financial intelligence that assists Canada's police, law enforcement, national security and other international and domestic partner agencies in combatting money laundering, terrorism financing and threats to the security of Canada, while protecting the personal information entrusted to FINTRAC. The Centre also produces strategic financial intelligence for federal policy and decision-makers, the security and intelligence community, reporting entities across the country, international partners and other stakeholders. FINTRAC's strategic intelligence provides a wide analytical perspective on the nature, scope and threat posed by money laundering and terrorism financing.

Quality of life impacts

Through all of the activities mentioned in the description, this core responsibility contributes to the "Prosperity" and "Good governance" domains of the Quality of Life Framework for Canada. More specifically, it contributes to the "Financial well-being", "Victimization rate" and "Crime Severity Index" indicators.

Progress on results

This section details FINTRAC's performance against its targets for each departmental result under Core responsibility 2: Production and dissemination of financial intelligence.

Table 3: FINTRAC's tactical financial intelligence disclosures inform investigative actions

Table 3 shows the target, the date to achieve the target and the actual result for each indicator under FINTRAC's tactical financial intelligence disclosures inform investigative actions in the last three fiscal years.

Table 4: FINTRAC's strategic financial intelligence informs policy and decision-making

Table 4 shows the target, the date to achieve the target and the actual result for each indicator under FINTRAC's strategic financial intelligence informs policy and decision-making in the last three fiscal years.

The Results section of the Infographic for FINTRAC on GC Infobase provides additional information on results and performance related to its program inventory.

Details on results

The following section describes the results for Production and dissemination of financial intelligence in 2024–25 compared with the planned results set out in FINTRAC's departmental plan for the year.

Results achieved 

As part of its core mandate, FINTRAC generates actionable financial intelligence for Canada's law enforcement and national security agencies, as well as other domestic and foreign agencies, to help them combat money laundering, terrorist financing, sanctions evasion and threats to the security of Canada. The Centre's intelligence plays an important role in helping to protect the safety of Canadians, particularly Canada's most vulnerable citizens and communities.

Given the complexity of connecting the flow of illicit funds often involving organized criminal groups, FINTRAC's financial intelligence frequently contains thousands of financial transaction reports in each disclosure. At the same time, the value of transactions in each disclosure may be in the millions or even hundreds of millions of dollars.

A FINTRAC financial intelligence disclosure may show links between individuals and businesses that have not been identified in an investigation, and may help investigators refine the scope of their cases or shift their sights to different targets. A disclosure can pertain to an individual or a wider criminal network, and can also be used by law enforcement to put together affidavits to obtain search warrants and production orders.

FINTRAC's financial intelligence is also used to reinforce applications for the listing of terrorist entities, negotiate agreements at the time of sentencing and advance the government's knowledge of the financial dimensions of threats, including organized crime and terrorism.

By working with Canadian businesses and law enforcement agencies throughout Canada, FINTRAC has been effective and innovative in following the money to identify potential subjects, uncovering broader financial connections and providing intelligence to advance national project-level investigations. The best example of the extensive collaboration that takes place within Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime is its successful public-private partnerships. These partnerships are aimed at more effectively combatting the laundering of proceeds stemming from the trafficking of illicit fentanyl, human trafficking, online child sexual exploitation, romance fraud, illicit cannabis activities, illegal wildlife trade and money laundering in British Columbia and across Canada.

A detailed overview of the important results achieved through Projects Protect, Guardian, Chameleon, Athena, Shadow, Legion and Anton can be found in FINTRAC's Annual Report. In total, in 2024–25, FINTRAC provided 650 disclosures of actionable financial intelligence to Canada's law enforcement agencies in relation to the seven public-private sector partnerships.

In 2024–25, FINTRAC achieved the following results, among others:

Financial intelligence

• FINTRAC generated 6,236 financial intelligence disclosure packages, based on 2,730 unique disclosures, in support of investigations of money laundering, terrorist financing, sanctions evasion and threats to the security of Canada. This is the largest number of disclosures and disclosure packages that FINTRAC has generated in a single year. The Centre's financial intelligence was critical to the success of increasingly large, sophisticated and cross-jurisdictional investigations over the past year.
• Over the past year, the Centre's unique disclosures contained 511,480 financial transaction reports, which included more than 1,308,413 financial transactions. FINTRAC's unique disclosures contained a total of 8,618 subjects.
• Approximately 23% of the Centre's financial intelligence disclosures last year were provided proactively to Canada's law enforcement and national security agencies, which means the individuals or networks identified in the financial intelligence may not have been known to these agencies before FINTRAC's intelligence was received.
• In 2024–25, FINTRAC provided dedicated, actionable financial intelligence and support as part of the Government of Canada's broader efforts in combatting illegal fentanyl/synthetic opioids. Building on the Centre's longstanding work related to Project Guardian, a public-private partnership launched in 2018 and aimed at combatting money laundering related to illicit opioids, FINTRAC generated 108 financial intelligence disclosures throughout the year to assist law enforcement investigations across Canada. This includes supporting a national sprint by the Canadian Integrated Response to Organized Crime Committee, which led to the seizure of 46 kg of fentanyl, nearly 16,000 pills of fentanyl and other synthetic opioids, a large quantity of other drugs, 122 firearms and more than $800,000 in cash. In addition, as part of the broader national effort, FINTRAC provided expertise and support to the Joint Intelligence Operational Centre, which is working to combat transnational organized crime, money laundering and drug trafficking, as well as to the Office of Canada's Fentanyl Czar.
• FINTRAC received 2,268 voluntary information records related to money laundering and terrorist activity financing from Canada's law enforcement and national security agencies, as well as from members of the public. Voluntary information records provide critical information on alleged criminals and terrorists and are often the starting point for the Centre's analysis. These records are used by FINTRAC to establish connections between individuals and entities and to develop actionable financial intelligence for disclosure recipients.
• The Centre's financial intelligence contributed to 206 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. Canadian law enforcement agencies—particularly the RCMP—continue to be the main recipients of FINTRAC's financial intelligence.
• Over the past year, the Centre received 146 disclosure feedback forms, 96% of which indicated that FINTRAC's financial intelligence was actionable, including providing new leads, triggering new avenues of investigation and/or corroborating existing investigative information.
• Throughout 2024–25, FINTRAC also contributed to the National Action Plan on Combatting Auto Theft. In total, the Centre generated 73 disclosures of actionable financial intelligence in support of the auto theft investigations of municipal, provincial and federal law enforcement agencies. In May 2024, FINTRAC's financial intelligence was recognized by the Peel Regional Police in relation to Project Odyssey, an investigation into an organized crime group responsible for the theft and transportation of stolen vehicles through hubs across the Greater Toronto Area (GTA) to the Port of Montréal. As a result of the seven-month long investigation, 16 individuals were arrested and charged with 322 Criminal Code offences, and 369 stolen vehicles were recovered with a value of $33.2 million.
• In 2024–25, FINTRAC's financial intelligence was used in a wide variety of money laundering investigations where the origins of the suspected criminal proceeds were linked to fraud, drug trafficking, human trafficking and human smuggling, tax evasion, auto theft and other criminal offences.
• Over the past year, the Centre participated in dozens of operational meetings with municipal, provincial and federal law enforcement agencies, security commissions and other federal and provincial organizations across the country. Following legislative changes, the Centre also engaged new financial intelligence recipients, including Global Affairs Canada, Fisheries and Oceans Canada, Environment and Climate Change Canada and the Office of the Superintendent of Financial Institutions.
• In May 2024, FINTRAC's financial intelligence was recognized by the Winnipeg Police Service as part of Project Soft Landing, a large-scale investigation targeting a high-level interprovincial drug network. It was alleged that millions of dollars' worth of illicit drugs and firearms were being trafficked into Winnipeg from the GTA. Numerous individuals were arrested and charged with offences related to organized crime, money laundering, drug trafficking and possession of firearms. Police also seized $1.7 million in Canadian currency, approximately 30 kilograms of cocaine and approximately $4 million in proceeds of crime (e.g., jewellery, vehicles and merchandise).

• In September 2024, FINTRAC's financial intelligence was recognized by the Ottawa Police Service in a joint child exploitation investigation with United States Homeland Security Investigations and the RCMP National Child Exploitation Crime Centre that began in 2022. As a result of the investigation, one individual was charged with making child pornography, making written child pornography, unlawfully possessing child pornography, accessing child pornography, sexual interference and telecommunication agreement to commit a specific criminal offence with another under 18 years of age.
• In 2024–25, as part of the Government of Canada's determined actions to address the overdose crisis, FINTRAC worked closely with the Financial Crimes Enforcement Network (FinCEN) in the United States and the Unidad de Inteligencia Financiera in Mexico through the North American Drug Dialogue Illicit Financing Working Group. This group developed money laundering indicators related to the importation, production and distribution of illegal synthetic opioids, which formed the basis of FINTRAC's new Operational Alert on Laundering the Proceeds of Illicit Synthetic Opioids published in January 2025. Over the past year, the financial intelligence units of Canada, Mexico and the United States also shared money laundering trends, typologies and best practices, and collaborated in instigating and supporting law enforcement investigations across North America.
• In October 2024, FINTRAC and FinCEN co-hosted the first FINTRAC-FinCEN Anti-Money Laundering/Anti-Terrorist Financing Symposium in Ottawa. The symposium brought together financial intelligence units and law enforcement agencies from Canada, the United States, Australia, the Netherlands and the United Kingdom, as well as financial institutions based in Canada and the United States, to discuss a variety of money laundering and terrorist financing issues. Approximately 80 individuals attended the event, which was co-chaired by the Directors of FINTRAC and FinCEN. The symposium included presentations on the emerging trends, typologies and case studies on Iran-backed terrorist financing; Russian sanctions evasion; online child sexual exploitation; synthetic opioid trafficking; human trafficking; and the illegal wildlife trade.
• Following the Russian Federation's illegal and unjustified invasion of Ukraine in 2022, FINTRAC worked with Canada's Five Eyes partners and Western European allies to establish the Russia-Related Sanctions and Illicit Finance Financial Intelligence Units Working Group. Over the past year, members continued to work within their respective authorities to enhance the sharing of tactical financial intelligence and develop a common base of understanding through the dissemination of strategic-level intelligence on a variety of related issues. For its part, FINTRAC provided 19 unique disclosures to recipients in Canada and foreign jurisdictions, which primarily supported investigations pertaining to illegal exports of dual use goods from or through Canada to suspected Russian end-users in support of Russia's illegal war effort.
• Throughout 2024–25, FINTRAC continued to collaborate with its international partners on the Counter-Terrorism Financing Taskforce Israel (CTFT-I). This taskforce is comprised of a global coalition of financial intelligence units committed to disrupting international financial support for Iran-backed terrorist groups through the sharing of financial intelligence, strengthening of cross-border partnerships, and supporting domestic law enforcement investigations in respective jurisdictions. FINTRAC generated 17 unique disclosures for recipients in Canada and internationally, which primarily supported investigations pertaining to the abuse of Canadian charities linked to terrorist groups and the use of cryptocurrency associated with donation campaigns.

Strategic intelligence

In addition to the Centre's financial intelligence disclosures, FINTRAC also produces valuable strategic financial intelligence to fulfill its mandate. Through the use of research and analytical techniques, the Centre is able to identify emerging characteristics, trends and tactics used by criminals and other bad actors to launder the proceeds of crime, fund terrorist activities, finance threats to the security of Canada and evade sanctions. The goal of FINTRAC's strategic intelligence is to inform Canada's security and intelligence community, regime partners and policy decision-makers, businesses, Canadians, and international counterparts about the nature and extent of these illicit financial activities. More details on how FINTRAC is enhancing awareness of money laundering and terrorist financing is available in FINTRAC's Annual Report.

• Throughout 2024–25, the Centre generated 23 strategic financial intelligence assessments and reports on a range of specific money laundering, terrorist financing and sanctions evasion trends, typologies and mechanisms in order to improve the detection, prevention and deterrence of these activities. These assessments and reports covered key priority areas, including illegal fentanyl, drug trafficking, professional money laundering, money laundering undertaken by domestic and transnational organized crime, sanctions evasion and terrorist activity financing. While many of these assessments and reports are classified, FINTRAC closely monitors a number of key themes and risks that can be shared publicly.
• Over the past year, FINTRAC produced more than a dozen classified and unclassified strategic intelligence products in support of the fight against transnational organized crime, cartels and the laundering of the proceeds of illegal fentanyl trafficking. This strategic financial intelligence supported actions by Canada's law enforcement community, policy decision-makers and private sector entities to detect, deter and disrupt these criminal activities.
• In January 2025, FINTRAC published an Operational Alert on Laundering the Proceeds of Illicit Synthetic Opioids, which contained new money laundering indicators related to the importation, production and distribution of illegal synthetic opioid trafficking. While not identifying any trafficking of fentanyl from Canada to the United States, the operational alert highlighted that the increase in supply and demand for fentanyl and other synthetic opioids in Canada has been facilitated by the growing involvement of organized crime groups.
• In June 2024, FINTRAC published a Special Bulletin on Financial Activity Associated with Suspected Sanctions Evasion to inform businesses of the characteristics of completed or attempted financial transactions related to suspected sanctions evasion, which they were required to report to the Centre as of August 19, 2024. These requirements are in addition to other legal obligations that businesses have under Canada's sanctions laws and associated regulations with respect to monitoring and reporting of relevant property ownership, export and import of goods and other activity in connection with sanctioned individuals and entities.
• In October 2024, FINTRAC published a Special Bulletin on the Use of the Legal Profession in Money Laundering and Sanctions Evasion providing information, indicators and methods of money laundering and sanctions evasion activities through legal professionals. While the vast majority of legal professionals undertake legitimate transactions, 2,400 suspicious transaction reports submitted to FINTRAC in 2022–23 referenced transactions involving legal professionals and/or law firms.
• Over the past year, FINTRAC also published an Operational Alert on the Laundering of the Proceeds of Tax Evasion in Real Estate to support businesses in recognizing financial transactions in the real estate sector suspected of being related to laundering the proceeds of tax evasion, as well as a Sectoral and Geographic Advisory on the Role of Virtual Currency ATMs in Laundering the Proceeds of Crime to help businesses understand and recognize the characteristics of illicit activity involving virtual currency automated teller machines and the types of individuals and entities that may be involved.

Resources required to achieve results

Table 5: Snapshot of resources required for Production and dissemination of financial intelligence

Table 5 provides a summary of the planned and actual spending and full-time equivalents required to achieve results.

The Finances section of the Infographic for FINTRAC on GC Infobase and the People section of the Infographic for FINTRAC on GC Infobase provide complete financial and human resources information related to its program inventory.

Related government priorities

More information on FINTRAC's contributions to Canada's Federal Implementation Plan on the 2030 Agenda and the Federal Sustainable Development Strategy can be found in our Departmental Sustainable Development Strategy.

Program inventory

Production and dissemination of financial intelligence is supported by the following programs:

• Financial intelligence program
• Strategic intelligence, research and analytics

Additional information related to the program inventory for FINTRAC is available on the Results page on GC InfoBase.

Internal services

In this section

• Description
• Progress on results
• Resources required to achieve results
• Contracts awarded to Indigenous business

Description

Internal services refer to the activities and resources that support a department in its work to meet its corporate obligations and deliver its programs. The 10 categories of internal services are:

• Management and Oversight Services
• Communications Services
• Legal Services
• Human Resources Management
• Financial Management
• Information Management
• Information Technology
• Real Property
• Materiel
• Acquisitions

Progress on results

This section presents details on how the department performed to achieve results and meet targets for internal services.

FINTRAC's internal services support the Centre's core responsibilities and programs. A key priority is ensuring the protection of personal information under its control. All facets of FINTRAC's operations are subject to rigorous multi-layered and integrated security measures that ensure the safeguarding of the Centre's physical premises and IT systems, including the handling, storage and retention of all personal and other sensitive information under its control. Internal services also support the development and delivery of effective and integrated services, policies, advice and guidance in the fields of finance, human resources, culture and change management, security, communication, procurement, administration, information management, and information technology. The overall objective is to ensure that FINTRAC has the proper capacity and corporate infrastructure to allow its workforce to achieve operational success.

As FINTRAC's responsibilities and operations grow in scope and complexity, its ability to deliver on its mandate remains directly tied to its adaptability, the skills and dedication of its employees, and the tools and resources available for them to do their work. As an organization committed to excellence, FINTRAC is focused on the effective management of its human, technological and financial resources, and will continue to enhance its security program, including strengthening its security screening capacity and cybersecurity, while also reinforcing the physical security of the facilities in light of the ever-changing threat landscape.

In 2024–25, FINTRAC made significant strides in advancing its modernization vision to ensure the Centre is positioned to address the emerging threats in the AML/ATF landscape. The vision is focused on establishing and enhancing the skills, processes and, most importantly, the new technologies needed for the Centre to work in real time. More details on FINTRAC's modernization vision and leveraging technology to meet the challenges of the future are available in FINTRAC's Annual Report.

The following are just some examples of the results FINTRAC achieved against its internal services objectives in 2024–25:

Inclusive, safe and healthy workplace

• Updated and implemented the Centre's Workplace Wellness and Culture Action Plan, which is focused on mindful leadership; a healthy, respectful and inclusive workplace; open communication and transparency; and talent acquisition, development and retention. Added a 5th area of focus entitled "managing priorities" to ensure resource optimization across the Centre. The Action Plan incorporates measures to address results from previous Public Service Employee Surveys (PSES), exit interview results and other related inputs.
• FINTRAC produced its second Progress Report against its 2023–25 Accessibility Plan and made it public in December 2024. This report demonstrates the Centre's commitment to being a model for accessibility and to the Government of Canada's commitment for all Canadians to be able to fully participate in society with barrier-free communities, workplaces and services.
• Advanced FINTRAC's Employment Equity, Diversity and Inclusion (EEDI) Strategy and Action Plan focused on talent acquisition and retention, professional growth, leadership and accountability, and employee engagement. FINTRAC made significant progress on the 17 commitments outlined in response to the Clerk's Call to Action on Anti-Racism, Equity, and Inclusion in the Federal Public Service. With 82% of these actions already completed, the Centre is seeing measurable improvements in diversity. For example, the Centre has seen increased representation in all four employment equity groups (women, persons with a disability, visible minorities and Indigenous). Targeted initiatives and a shift in organizational culture are contributing to meaningful, positive outcomes.
• Developed and updated FINTRAC's People Management Policy Framework to ensure the Centre has the right mix of skills for current and future needs, enabling the effective delivery of core operations and Government of Canada priorities. Specifically, a Dispute Resolution Policy and Grievance Procedures, Conflict of interest policy, Organizational and Classification Policy and Directive, and a Workforce Adjustment Policy have been added over the fiscal year.
• Conducted over 418 staffing actions in 2024–25 to support the Centre's intelligence, compliance, and internal services. Hired 50 new students and 127 returning students.

Modernize the workplace

• FINTRAC's modernization vision is focused on establishing and enhancing the skills, processes and new technologies needed for the Centre to work in real-time. This entails supporting businesses in fulfilling their requirements, receiving financial transaction reporting, analyzing large volumes of information, and disclosing financial intelligence to law enforcement and national security agencies all in real-time or as close to it as the Centre can get. The ability to work in real time will increase the efficiency of FINTRAC's operations and position the Centre to help disrupt organized crime networks with unparalleled speed, rescue victims sooner and prevent the targeting of new victims.
• In 2024–25, FINTRAC explored the use of large language model and other technologies to advance new business approaches in a secure setting. Innovative solutions helped advance the Centre's technology enabling more efficient data transfer and enhanced analytical capabilities. These collective efforts have strengthened FINTRAC's financial intelligence operations and enhanced the Centre's support of law enforcement and national security investigations.
• In 2024–25, the Centre completed a multi-year effort to modernize electronic reporting forms and streamline the reporting process for businesses. Leveraging its robust footprint in the cloud, FINTRAC implemented application programming interface (API) report submission, which is the Centre's platform for the secure system-to-system submission of financial transaction reports. These improvements are an integral part of FINTRAC's modernization goal of making it easier for businesses to fulfill their legal obligations while allowing the Centre to more effectively leverage the high volume of information that it receives. As of June 2024, all electronic reporting could be submitted to FINTRAC through the Centre's API system, which was a key component of FINTRAC's broader modernization vision.
• In March 2024, FINTRAC detected that it was the subject of a cyber incident and some of its systems were taken offline as a result. Following extensive forensic work by the Canadian Centre for Cyber Security, it was determined that there was no evidence that any information had been removed from FINTRAC's systems or that any information was lost. FINTRAC worked closely with its federal partners over the following months to restore its systems. As part of this process, the Centre leveraged the opportunity to rebuild its systems with various aspects of its real-time modernization vision, particularly as it relates to the ease of financial transaction reporting through API report submission.
• Following the cyber incident, FINTRAC also undertook a comprehensive effort to bolster its cyber defences, focused on further enhancing data security, early detection and response capabilities, zero-trust network architecture, and further securing cloud-based systems and reporting services.

Protecting personal information

• In fulfilling its core financial intelligence and supervisory mandates, FINTRAC is committed to safeguarding the information that it receives and discloses to Canada's law enforcement and national security agencies. The Proceeds of Crime (Money Laundering) and Terrorist Financing Act strikes a careful balance between the Centre's receipt and disclosure of personal information to support essential criminal and national security investigations and the rights of Canadians to be protected from unnecessary invasions of their privacy.
• Safeguarding personal information is critical to FINTRAC. Its governing legislation sets out clear principles for protecting privacy, including strict limitations on information that can be received and disclosed, clear requirements for maintaining and disposing of records, and a biennial audit of FINTRAC's protection of information by the Office of the Privacy Commissioner. These principles are reinforced by the Centre's own operational policies and security measures.
• FINTRAC does not have direct access to the bank accounts or any other financial information of Canadians. The Centre receives information from businesses only as specified under the Act. The legislation also establishes that FINTRAC can only make a financial intelligence disclosure to appropriate police and prescribed law enforcement and national security agencies. Furthermore, the Act clearly defines what information may be disclosed and sets out specific thresholds that must be met before the Centre can disclose it. Any other disclosure or improper use of information is prohibited and can result in severe penalties, including a fine of up to $500,000 and/or up to five years' imprisonment.
• In order to protect the reports that it receives from Canadian businesses, FINTRAC's premises and information systems are guarded by multi-layered and integrated security systems. All personnel must maintain a high-level enhanced security screening as a condition of employment. As well, employees have access to sensitive information on a need-to-know basis only and are reminded regularly of their responsibilities to protect personal information. The Centre's Code of Conduct, Values and Ethics reinforces employees' legal obligations in relation to safeguarding information.
• FINTRAC is the only federal agency whose governing legislation requires a biennial audit by the Office of the Privacy Commissioner on the measures it takes to safeguard the personal information that it receives and collects under the Act. In 2024–25, the Office of the Privacy Commissioner finalized its fifth review of FINTRAC's privacy protection measures, which focused on specific aspects of FINTRAC's systems and safeguards to protect personal information, and followed up on past recommendations.
• In its final report, the Office of the Privacy Commissioner identified nine new recommendations, all of which FINTRAC accepted. In response to the report, the Centre prepared an action plan and is actively implementing a number of measures to address the recommendations. The Office of the Privacy Commissioner's final report also acknowledged FINTRAC's progress in fully satisfying two previous findings and recommendations. The Office of the Privacy Commissioner thanked FINTRAC for the high level of collaboration and transparency demonstrated throughout the review process.

Resources required to achieve results

Table 6: Resources required to achieve results for internal services this year

Table 6 provides a summary of the planned and actual spending and full-time equivalents required to achieve results.

The Finances section of the Infographic for FINTRAC on GC Infobase and the People section of the Infographic for FINTRAC on GC Infobase provide complete financial and human resources information related to its program inventory.

Contracts awarded to Indigenous businesses

Government of Canada departments are required to award at least 5% of the total value of contracts to Indigenous businesses every year.

FINTRAC results for 2024–25

Table 7: Total value of contracts awarded to Indigenous businesses ^{Footnote 7.1}

As shown in Table 7, FINTRAC awarded 7.22% of the total value of all contracts to Indigenous businesses for the fiscal year.

In its 2025–26 Departmental Plan, FINTRAC estimated that it would award at least 5% of the total value of its contracts to Indigenous businesses by the end of 2024–25.

Spending and human resources

In this section

• Spending
• Funding
• Financial statement highlights
• Human resources

Spending

This section presents an overview of the department's actual and planned expenditures from 2022–23 to 2027–28.

Refocusing government spending

In Budget 2023, the government committed to reducing spending by $14.1 billion over five years, starting in 2023–24, and by $4.1 billion annually after that.

As part of meeting this commitment, FINTRAC identified the following spending reductions.

• 2024–25: $1,342,000
• 2025–26: $1,675,000
• 2026–27 and after: $2,132,000

During 2024–25, FINTRAC worked to realize these reductions through the following measures:

• Leveraging cloud-based infrastructure to replace on-premise infrastructure and software licences;
• Phasing out costly software licences and replacing them with more cost-efficient, modern services;
• Pursuing AI-enabled tools to assist in the preparation of strategic and operational materials and guidance;
• Achieving travel efficiencies through strategically planned travel and leveraging tools for virtual attendance wherever possible, and
• Achieving professional services efficiencies by optimizing new technologies and modern processes, as well as building in-house talent.

Budgetary performance summary

Table 8: Actual three-year spending on core responsibilities and internal services (dollars)

Table 8 shows the money that FINTRAC spent in each of the past three years on its core responsibilities and on internal services.

Analysis of the past three years of spending

Actual spending in 2023–24 was $98.6M, representing an increase of $10.4M (12%) compared to $88.2M in 2022–23. In 2024–25, total expenditures rose to $101.4M, an increase of $2.8M (3%) over the previous year. This growth in expenditures is primarily attributed to higher personnel costs and new funding received through Budget 2024 to enhance FINTRAC's cyber resiliency and implement additional data security safeguards.

The Finances section of the Infographic for FINTRAC on GC Infobase offers more financial information from previous years. 

Table 9: Planned three-year spending on core responsibilities and internal services (dollars)

Table 9 shows FINTRAC's planned spending for each of the next three years on its core responsibilities and on internal services.

Analysis of the next three years of spending

Planned spending is projected to rise from $101.4M in 2024–25 to $108.3M in 2025–26, followed by a further increase to $109M in 2026–27. This upward trend is primarily driven by new funding announced in Budget 2024 to enhance FINTRAC's cyber resiliency and support the implementation of additional data security safeguards.

The Finances section of the Infographic for FINTRAC on GC Infobase offers more detailed financial information related to future years.

Funding

This section provides an overview of the department's voted and statutory funding for its core responsibilities and for internal services. Consult the Government of Canada budgets and expenditures for further information on funding authorities.

Graph 1: Approved funding (statutory and voted) over a six-year period

Graph 1 summarizes the department's approved voted and statutory funding from 2022–23 to 2027–28.

Analysis of statutory and voted funding over a six-year period

There was an increase in funding of $10.4M (12%), from $88.2M in 2022–23 to $98.6M in 2023–24. This increase is mainly due to the profile of funds approved in Budget 2022 to enable FINTRAC to modernize tools and processes, enhance capacity to address evolving threats, strengthen the protection of intelligence and information, maintain supervisory capacity, and expand operational activities.

There was an increase of funding of $2.8M (3%), from $98.6M to $101.4M in 2024–25. This increase reflects new funding received from Budget 2024 to strengthen FINTRAC's cyber resiliency and implement additional data security safeguards, as well as continued investments to modernize the Supervision program. These factors are also expected to drive further funding increases in 2025–26 and 2026–27. Funding is expected to decrease in 2027–28 due to the profile of funding from Budget 2022 and Budget 2024, as well as savings measures introduced as part of government-wide cost saving initiatives.

Due to the implementation of the assessment of expenses funding model for the organization's supervisory activities starting in 2024–25, statutory spending increased significantly while voted spending decreased by a similar amount.

Consult the Public Accounts of Canada for further information on FINTRAC's departmental voted and statutory expenditures.

Financial statement highlights

FINTRAC's Financial Statements (Audited) for the Year Ended March 31, 2025.

Table 10: Condensed Statement of Operations (audited) for the year ended March 31, 2025 (dollars)

Table 10 summarizes the expenses and revenues for 2024–25 which net to the cost of operations before government funding and transfers.

Analysis of expenses and revenues for 2024–25

The total expenses of $108.5M were $4M or 3.6% less than planned expenditures of $112.6M, mainly due to lower than initially forecasted salary costs as a result of FINTRAC's ongoing efforts to modernize operations by leveraging modern technologies and streamlining processes.

The total actual revenues of $48M were $1.4M or 1.7% less than planned revenues of $49.4M. Assessment Revenue, introduced this fiscal year under FINTRAC's new assessment of expenses funding model, directly supports the costs of the Centre's compliance program.

The 2024–25 planned results information is provided in FINTRAC's Future-Oriented Statement of Operations and Notes 2024–25.

Table 11: Condensed Statement of Operations (unaudited or audited) for 2023–24 and 2024–25 (dollars)

Table 11 summarizes actual expenses and revenues and shows the net cost of operations before government funding and transfers.

Analysis of differences in expenses and revenues between 2023–24 and 2024–25

FINTRAC's total expenses increased from 2023–24 to 2024–25 by $6.4M or 6.2% from $102.2M to $108.5M. The increase in FINTRAC's expenses is primarily driven by investments to strengthen FINTRAC's cyber resiliency and implement additional data security safeguards, as well as continued investments to modernize the compliance program.

Effective April 1, 2024, amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act require prescribed reporting entities to pay an annual assessment to fund FINTRAC's compliance activities. As a result, FINTRAC recognized total revenue of $48M in 2024–25.

Table 12 Condensed Statement of Financial Position (unaudited or audited) as at March 31, 2025 (dollars)

Table 12 provides a brief snapshot of the amounts the department owes or must spend (liabilities) and its available resources (assets), which helps to indicate its ability to carry out programs and services.

Analysis of department's liabilities and assets since last fiscal year

The $0.7M increase in FINTRAC's net liabilities is primarily due to Unearned Assessment Revenue, introduced in 2024–25 under FINTRAC's new assessment of expenses funding model. Any excess revenue beyond the compliance program's operating costs is recognized as "Unearned Assessment Revenue".

The $1.8M increase in net financial assets is mainly the result of an increase in the amount due from the Consolidated Revenue Fund, which is an amount due from the federal government and may be disbursed without further charges to the FINTRAC's authorities.

The $4.1M decrease in non-financial assets is mainly due to the exercise undertaken in 2024–25 to re-evaluate the pace of amortization on a variety of assets to identify fully amortized or depleted assets.

Human resources

This section presents an overview of the department's actual and planned human resources from 2022–23 to 2027–28. 

Table 13: Actual human resources for core responsibilities and internal services

Table 13 shows a summary in full-time equivalents of human resources for FINTRAC's core responsibilities and for its internal services for the previous three fiscal years.

Analysis of human resources for the last three years

Full-time equivalents (FTE) decreased from 537 in 2023–24 to 491 in 2024–25. This reduction in FTE reflects FINTRAC's ongoing efforts to modernize operations by leveraging modern technologies and streamlining processes. By achieving efficiencies through these advancements, FINTRAC is able to reallocate and reorient resources toward future operational priorities, ensuring the Centre remains agile and effective in fulfilling its mandate.

FINTRAC's decrease in FTEs related to internal services in 2024–25 is offset by increases in the organization's core responsibilities as a result of an update to the program allocation methodology used to attribute applicable direct and indirect costs.

Table 14: Human resources planning summary for core responsibilities and internal services

Table 14 shows the planned full-time equivalents for each of FINTRAC's core responsibilities and for its internal services for the next three years. Human resources for the current fiscal year are forecast based on year to date.

Analysis of human resources for the next three years

Planned full-time equivalents in subsequent years are expected to remain relatively constant. There is a slight increase in planned full-time equivalents expected in 2027–28 due to ongoing investments to modernize the Supervision program.

The attribution to FINTRAC's core responsibilities and internal services varies from year-to-year, as a result of the program allocation methodology to attribute applicable direct and indirect costs.

Supplementary information tables

• Gender-based analysis plus

Federal tax expenditures

The tax system can be used to achieve public policy objectives through the application of special measures such as low tax rates, exemptions, deductions, deferrals and credits. The Department of Finance Canada publishes cost estimates and projections for these measures each year in the Report on Federal Tax Expenditures. This report also provides detailed background information on tax expenditures, including descriptions, objectives, historical information and references to related federal spending programs as well as evaluations and GBA Plus of tax expenditures.

Corporate information

Departmental profile

Departmental contact information

Mailing address:

Financial Transactions and Reports Analysis Centre of Canada
234 Laurier Avenue West
Ottawa, Ontario K1P 1H7
Canada

Telephone: 1-866-346-8722 (toll free)
Email: guidelines-lignesdirectrices@fintrac-canafe.gc.ca
Website: https://fintrac-canafe.canada.ca/intro-eng

Definitions

appropriation (crédit)

Any authority of Parliament to pay money out of the Consolidated Revenue Fund.

budgetary expenditures (dépenses budgétaires)

Operating and capital expenditures; transfer payments to other levels of government, departments or individuals; and payments to Crown corporations.

core responsibility (responsabilité essentielle)

An enduring function or role of a department. The departmental results listed for a core responsibility reflect the outcomes that the department seeks to influence or achieve.

Departmental Plan (plan ministériel)

A report that outlines the anticipated activities and expected performance of an appropriated department over a 3-year period. Departmental Plans are usually tabled in Parliament in spring.

departmental priority (priorité)

A plan, project or activity that a department focuses and reports on during a specific planning period. Priorities represent the most important things to be done or those to be addressed first to help achieve the desired departmental results.

departmental result (résultat ministériel)

A high-level outcome related to the core responsibilities of a department.

departmental result indicator (indicateur de résultat ministériel)

A quantitative or qualitative measure that assesses progress toward a departmental result.

departmental results framework (cadre ministériel des résultats)

A framework that connects the department’s core responsibilities to its departmental results and departmental result indicators.

Departmental Results Report (rapport sur les résultats ministériels)

A report outlining a department’s accomplishments against the plans, priorities and expected results set out in the corresponding Departmental Plan.

Full-time equivalent (équivalent temps plein)

Measures the person years in a departmental budget. An employee's scheduled hours per week divided by the employer's hours for a full-time workweek calculates a full-time equivalent. For example, an employee who works 20 hours in a 40-hour standard workweek represents a 0.5 full-time equivalent.

Gender-based Analysis Plus (GBA Plus) (analyse comparative entre les sexes plus [ACS Plus])

An analytical tool that helps to understand the ways diverse individuals experience policies, programs and other initiatives. Applying GBA Plus to policies, programs and other initiatives helps to identify the different needs of the people affected, the ways to be more responsive and inclusive, and the methods to anticipate and mitigate potential barriers to accessing or benefitting from the initiative. GBA Plus goes beyond biological (sex) and socio-cultural (gender) differences to consider other factors, such as age, disability, education, ethnicity, economic status, geography (including rurality), language, race, religion, and sexual orientation.

government priorities (priorités pangouvernementales)

For the purpose of the 2024–25 Departmental Results Report, government priorities are the high-level themes outlining the government’s agenda as announced in the 2021 Speech from the Throne.

horizontal initiative (initiative horizontale)

A program, project or other initiative where two or more federal departments receive funding to work collaboratively on a shared outcome usually linked to a government priority, and where the ministers involved agree to designate it as horizontal. Specific reporting requirements apply, including that the lead department must report on combined expenditures and results.

Indigenous business (entreprise autochtones)

For the purposes of a Departmental Result Report, this includes any entity that meets the Indigenous Services Canada's criteria of being owned and operated by Elders, band and tribal councils, registered in the Indigenous Business Directory or registered on a modern treaty beneficiary business list.

non-budgetary expenditures (dépenses non budgétaires)

Net outlays and receipts related to loans, investments and advances, which change the composition of the financial assets of the Government of Canada.

performance (rendement)

What a department did with its resources to achieve its results, how well those results compare to what the department intended to achieve, and how well lessons learned have been identified.

performance indicator (indicateur de rendement)

A qualitative or quantitative measure that assesses progress toward a departmental-level or program-level result, or the expected outputs or outcomes of a program, policy or initiative.

plan (plan)

The articulation of strategic choices, which provides information on how a department intends to achieve its priorities and associated results. Generally, a plan will explain the logic behind the strategies chosen and tend to focus on actions that lead to the expected result.

planned spending (dépenses prévues)

For Departmental Plans and Departmental Results Reports, planned spending refers to the amounts presented in Main Estimates. Departments must determine their planned spending and be able to defend the financial numbers presented in their Departmental Plans and Departmental Results Reports.

program (programme)

An Individual, group, or combination of services and activities managed together within a department and focused on a specific set of outputs, outcomes or service levels.

program inventory (répertoire des programmes)

A listing that identifies all the department’s programs and the resources that contribute to delivering on the department’s core responsibilities and achieving its results.

result (résultat)

An outcome or output related to the activities of a department, policy, program or initiative.

statutory expenditures (dépenses législatives)

Spending approved through legislation passed in Parliament, other than appropriation acts. The legislation sets out the purpose and the terms and conditions of the expenditures.

target (cible)

A quantitative or qualitative, measurable goal that a department, program or initiative plans to achieve within a specified time period.

voted expenditures (dépenses votées)

Spending approved annually through an appropriation act passed in Parliament. The vote also outlines the conditions that govern the spending.