Financial Transactions and Reports Analysis Centre of Canada
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 theCanadian Security Intelligence Service (CSIS) with information onterrorist financing that threaten the security ofCanada . [cite web|url=http://www.fintrac.gc.ca/fintrac-canafe/1_e.asp|title=FINTRAC - Who We Are|accessdate=2006-06-28]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 [A large cash transaction is considered to be CA$10,000 or more.]
*Electronic funds transfer
* Cross border currency reportingIn 2006, FINTRAC identified over CA$5 billion in suspected money laundering and terrorist financing.
Who must report suspicious transactions? 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.
What is a suspicious transaction? 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.
External links
* [http://www.fintrac.gc.ca/ FINTRAC home page]
* [http://www.parl.gc.ca/legisinfo/index.asp?Language=E&query=4832&Session=14&List=toc/ Bill C-25 An Act to amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the Income Tax Act]References
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