The Anti-terrorism Act

CANADA'S ANTI-MONEY-LAUNDERING AND ANTI-TERRORIST FINANCING INITIATIVE   

FINTRAC Disclosures

During the fiscal year 2006-2007, FINTRAC increased the size and scope of its financial intelligence output, deliberately focusing on identifying larger, more complex cases.

During fiscal 2006-2007, FINTRAC made 193 case disclosures, of which:

• 152 were for suspected money laundering
• 33 were for suspected terrorist activity financing and/or threats to the security of Canada
• 8 were for both suspected money laundering and suspected terrorist activity financing and/or threats to the security of Canada In 2006-2007 the 193 case disclosures represented
• $8 billion in transactions of suspected money laundering
• $209 million in transactions of suspected terrorist activity financing and other threats to the security of Canada, compared to $256 million in 2005-06
• $1.6 billion in transaction of suspected money laundering and terrorist financing and/or other threats to the security of Canada.
• Eight out of ten FINTRACs disclosures this year were related to active investigations by police.

In 2006-07, the dollar value of the transactions included in FINTRAC’s 193 case disclosures was slightly under $10 billion—roughly double the total value of transactions disclosed last year, when FINTRAC produced 168 case disclosures with a total dollar value of just over $5 billion. The significant increase in 2006-2007 was driven by three large case disclosures. Each of the three cases had transactions in excess of $1 billion. The average value of transactions disclosed, per case, was $51 million in 2006-07, compared to $30 million the year previous and $14.4 million in 2004-05.

These numbers represent the total value of all the transactions that met FINTRAC's threshold for suspicion and therefore disclosure to investigative agencies of financial intelligence. Only further investigation by police can determine if these suspicions will lead to prosecutions.  FINTRAC has made a contribution to the global effort to combat crime and terrorism by providing 35 case disclosures to 14 foreign financial intelligence units.  For the year 2006-2007, FINTRAC had 264 employees and a budget of $33.8 million.

According to the RCMP and CSIS, FINTRAC disclosures are very useful. They add value to on-going terrorist financing investigations and, in some cases, provide new investigative leads.

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Updated to April 1, 2008.