Financial Transactions and Reports Analysis Centre of Canada
In today's world, Financial Transactions and Reports Analysis Centre of Canada is a topic of growing interest and indisputable relevance. With the advancement of technology and globalization, Financial Transactions and Reports Analysis Centre of Canada has become a focal point of debate in various fields, from politics and economics to culture and society. Even on a personal level, Financial Transactions and Reports Analysis Centre of Canada has sparked increasing interest, whether for its impact on daily life or its influence on the way we perceive the world around us. In this context, it is essential to fully explore the meaning and implications of Financial Transactions and Reports Analysis Centre of Canada, as well as examine its various facets and dimensions. In this article, we will delve into the fascinating world of Financial Transactions and Reports Analysis Centre of Canada, analyzing its importance and impact today.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC; French: Centre d'analyse des opérations et déclarations financières du Canada) is the national financial intelligenceagency of Canada. FINTRAC was established in 2000 under the Proceeds of Crime (Money Laundering) Act to facilitate detection and investigation of money laundering, FINTRAC's mandate was expanded in December 2001 following amendments to the Proceeds of Crime Act to also disclose financial intelligence to other Canadian intelligence and law enforcement agencies with respect to suspected terrorist financing. FINTRAC's mandate was further expanded in 2006 under Bill C-25 to enhance the client identification, record-keeping and reporting measures, established a registration regime for money services businesses and foreign exchange dealers, and created new offences for not registering.
FINTRAC receives information from regulated entities on:
Suspicious transactions
Suspected terrorist property
Large cash transactions
Outgoing or Incoming International Electronic funds transfer over $10,000 CAD within a 24-hour period
Cross border currency reporting
In 2009, FINTRAC estimated that the amount of money laundered on an annual basis is somewhere between $5 and $15 billion.
FINTRAC publishes annual results, quarterly updates, performance reports, and notices.
FINTRAC analyzes approximately 19 million transactions per year. In 2017, FINTRAC made 2,000 disclosures to police forces.
Directors
The Director is appointed by the Governor-in-Council for a term of not more than five years during the pleasure of the Governor General and on the expiry of a first or subsequent term of office but no person shall hold office as Director for terms of more than ten years in the aggregate.
Sarah Paquet, November 18, 2020
Nada Semaan, March 5, 2018
Barry MacKillop (Interim Director), October 18, 2017 - March 4, 2018.
Gérald Cossette, October 15, 2012 – October 17, 2017
Jeanne M. Flemming, March 3, 2008 – 2012
Keith Fernandez, acting director, 2007 - 2008
Horst Intscher, 2000 - 2007
Reports
Most FINTRAC reports can be submitted electronically or in paper. For electronic submissions, reporting entities must be enrolled in FINTRAC's electronic reporting system and can use either FINTRAC's web form or a batch report, which enables the submission of several reports at once using a public key certificate. The following activities are to be filed in reports to FINTRAC:
Suspicious transactions
Large cash transactions
Large virtual currency transactions
Electronic funds transfers
Casino disbursements
Terrorist property
Alternative to large cash transaction reports
FINTRAC can also receive the following information:
Cross-border currency or monetary instruments reports
In 2009, the Privacy Commissioner of Canada reported that FINTRAC was receiving and retaining personal information beyond its remit, in breach of the Privacy Act, and that this "presents an unquestionable risk to privacy by making available for use or disclosure personal information which should never have been obtained."
^ abA large cash transaction is considered to be CA$10,000 or more.
^ abCanada, Financial Transactions and Reports Analysis Centre of (6 December 2003). "Electronic funds transfers". www.fintrac-canafe.gc.ca. Retrieved 2018-04-25.
^ abCanada, Financial Transactions and Reports Analysis Centre of (7 May 2008). "Director and Chief Executive Officer". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
^Canada, Financial Transactions and Reports Analysis Centre of (30 December 2003). "Terrorist Property". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.
^Canada, Financial Transactions and Reports Analysis Centre of (30 December 2003). "Alternative to large cash transactions". www.fintrac-canafe.gc.ca. Retrieved 2018-04-26.