FINTRAC Achieves Significant Successes in Combating Money Laundering and Terrorist Financing During COVID-19

• FINTRAC generated over 2,000 financial intelligence disclosures per year to support investigations related to money laundering and terrorist financing.
• The Centre's financial intelligence is critical in helping law enforcement agencies investigate these crimes.
• Canadian businesses play a crucial role in supporting anti-money laundering efforts through accurate and timely reporting.

When we work together, we may not be tying up a lion but we are certainly making it harder for criminals and terrorists to harm Canadians or threaten the integrity of Canada's financial system.

Despite the challenges posed by the COVID-19 pandemic, FINTRAC has continued to generate over 2,000 financial intelligence disclosures per year, highlighting the importance of accurate and timely reporting by Canadian businesses. These disclosures have been instrumental in supporting investigations related to money laundering, terrorist activity financing, and threats to Canada's security. The Centre's ability to adapt its operations during the pandemic is a testament to its commitment to delivering on its core mandates while ensuring the safety of its employees. FINTRAC's financial intelligence has been critical in helping law enforcement and national security agencies investigate these crimes, with many recipients indicating that they would not initiate major project-level investigations without access to this information.

Canada's anti-money laundering efforts are a collaborative effort between government agencies, businesses, and law enforcement. FINTRAC plays a crucial role in this regime, working closely with its partners to share valuable insights on the complex and ever-evolving AML/ATF environment. The Centre's Director, Sarah Paquet, emphasized the importance of coming together to combat money laundering and terrorist financing, acknowledging that these crimes have a damaging impact on Canadians, institutions, and the country as a whole. FINTRAC's commitment to strengthening and expanding its partnerships is essential in this effort, as well as modernizing its approaches to better support AML/ATF efforts.

The reporting received from Canadian businesses is the foundation of FINTRAC's financial intelligence. This information is critical in supporting investigations and helping law enforcement agencies combat money laundering and terrorist financing. As Paquet noted, 'when we work together, we may not be tying up a lion but we are certainly making it harder for criminals and terrorists to harm Canadians or threaten the integrity of Canada's financial system.' The continued generation of over 2,000 financial intelligence disclosures per year underscores the importance of accurate and timely reporting by Canadian businesses in supporting anti-money laundering efforts.

Lawyers should take note that FINTRAC's continued generation of over 2,000 financial intelligence disclosures per year highlights the importance of accurate and timely reporting by Canadian businesses to support anti-money laundering efforts.

Source: Original remarks from Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada at the ACAMS 9th Annual AML and Anti-Financial Crime Conference