FINTRAC Annual Report highlights the agency's efforts to follow the money

OTTAWA, Nov. 17 /CNW Telbec/ - The Honourable Jim Flaherty, Minister of Finance, today tabled in Parliament the 2008-09 Annual Report of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The report highlights that FINTRAC provided 556 case disclosures to law enforcement, the Canadian Security Intelligence Service, the Canada Revenue Agency, the Canada Border Services Agency, the Communications Security Establishment Canada and to foreign financial intelligence units.

"Fraud and other forms of white collar crime have serious consequences and leave many victims devastated. Through its work analyzing financial transactions, FINTRAC is assisting investigations of these crimes and strengthening the integrity of Canada's financial sector," said Minister Flaherty.

FINTRAC's Annual Report summarizes a number of the criminal investigations that were assisted by its financial intelligence during the year. One of the 556 cases was an international investment fraud which involved thousands of transactions and hundreds of millions of dollars.

"The increase in output in the last year continues a trend that began when we became operational. We are now able to produce more financial intelligence, more quickly than anytime in our past. While the increase in output is significant, the true measure of our success will always be our ability to add to the effectiveness of those who are investigating serious crimes," said FINTRAC Director Jeanne Flemming.

Demand for financial intelligence is growing. Police agencies are making use of financial intelligence when conducting their investigations. Following the money trail has become an important part of investigative work. This is true of investigations of fraud, drug trafficking and many other criminal offences where proceeds of crime are involved.

FINTRAC is an independent federal government agency with a mandate to assist in the detection, deterrence and prevention of money laundering and the financing of terrorist activities. FINTRAC analyzes financial transaction reports and discloses financial intelligence to law enforcement and CSIS where it has reasonable grounds to suspect that the information would assist in the investigation of money laundering and terrorist activity financing offences or threats to the security of Canada.

FINTRAC is part of Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime. The initiative is led by the Department of Finance and also includes the Royal Canadian Mounted Police, the Canadian Security and Intelligence Service, Public Safety Canada, the Canada Revenue Agency, the Canada Border Services Agency, the Communications Security Establishment, the Department of Justice and the Public Prosecution Service of Canada.

Highlights of the 2008-2009 Annual Report


Consult the 2009 Annual Report at:

SOURCE Financial Transactions and Reports Analysis Center of Canada

For further information: For further information: Peter Lamey, Financial Transactions and Reports Analysis Centre of Canada, (613) 943-3399

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Financial Transactions and Reports Analysis Center of Canada

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