Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) gathers, analyzes, assesses, and discloses financial intelligence. Originally created in July 2000 to counter suspected money laundering, FINTRAC's mandate was expanded in December 2001 to provide the Canadian Security Intelligence Service (CSIS) with information on terrorist financing that threaten the security of Canada.
FINTRAC was established under the Proceeds of Crime (Money Laundering) Act, which was amended in December, 2001 to become the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). FINTRAC's mandate was further amended in 2006 under Bill C-25 to expand the scope and require more detailed reporting by entities and individuals when certain risks thresholds were exceeded or identified. The Director of FINTRAC reports to the Minister of Finance.
FINTRAC receives information on:
- Suspicious transactions
- Suspected terrorist property
- Large cash transactions
- Electronic funds transfer
- Cross border currency reporting
In 2006, FINTRAC identified over CA$5 billion in suspected money laundering and terrorist financing.
Suspicious transactions are financial transactions that there are reasonable grounds to suspect are related to the commission of a money laundering offence. Since June 12, 2002, suspicious transactions also include financial transactions that there are reasonable grounds to suspect are related to the commission of a terrorist activity financing offence. Suspicious transactions must be reported by financial entities (banks and financial dealers), money services businesses, life insurance companies and agents, certain government agencies that take deposits (such as Canada Post), accountants or accounting firms, real estate agents and brokers, and casinos.
Since June 2002, FINTRAC is a member of the Egmont Group of Financial Intelligence Units.
Read more about Financial Transactions And Reports Analysis Centre Of Canada: Directors, Reports
Famous quotes containing the words financial, reports, analysis, centre and/or canada:
“... aside from the financial aspect, [there] is more: the life of my work. I feel that is all I came into the world for, and have failed dismally if it is not a success.”
—Mary E. Wilkins Freeman (1852–1930)
“I think a Person who is thus terrifyed [sic] with the Imagination of Ghosts and Spectres much more reasonable, than one who contrary to the Reports of all Historians sacred and profane, ancient and modern, and to the Traditions of all Nations, thinks the Appearance of Spirits fabulous and groundless.”
—Joseph Addison (1672–1719)
“Analysis as an instrument of enlightenment and civilization is good, in so far as it shatters absurd convictions, acts as a solvent upon natural prejudices, and undermines authority; good, in other words, in that it sets free, refines, humanizes, makes slaves ripe for freedom. But it is bad, very bad, in so far as it stands in the way of action, cannot shape the vital forces, maims life at its roots. Analysis can be a very unappetizing affair, as much so as death.”
—Thomas Mann (1875–1955)
“In the centre of his cage
The pacing animal
Surveys the jungle cove
And slicks his slithering wiles
To turn the venereal awl
In the livid wound of love.”
—Allen Tate (1899–1979)
“Though the words Canada East on the map stretch over many rivers and lakes and unexplored wildernesses, the actual Canada, which might be the colored portion of the map, is but a little clearing on the banks of the river, which one of those syllables would more than cover.”
—Henry David Thoreau (1817–1862)