Financial Transactions and Reports Analysis Centre of Canada

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC; ) is the national financial intelligence agency 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 has been a member of the Egmont Group of Financial Intelligence Units, an international organization of financial intelligence bodies, since June 2002.
Activities.
FINTRAC receives information from regulated entities on:
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.
Reports.
Depending on reporting entities activities the following reports are to be filed with FINTRAC.
FINTRAC can also receive the following information.
Oversight.
FINTRAC reports to the Parliament of Canada through the Minister of Finance. Section 72(2) of the "Proceeds of Crime (Money Laundering and Terrorist Financing) Act" also mandates audits of FINTRAC by the Privacy Commissioner of Canada every two years.
Since 2019 its national security and intelligence activities are subject to oversight by the National Security and Intelligence Review Agency and the National Security and Intelligence Committee of Parliamentarians.
Criticism.
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."