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:
In 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.
ALGIRDAS A EMETA EU COMMISSIONER FOR TAXATION AND CUSTOMS UNION, AUDIT AND ANTI-FRAUD POST-ECOFIN STATEMENT ON FINANCIAL TRANSACTIONS TAX ECOFIN PRESS CONFERENCE.(Conference news)
Nov 08, 2011; BRUSSELS -- The following information was released by the European Union: Today I had the chance to personally present the...