The Tabling of Financial Transactions and Reports Analysis Centre of Canada’s 2017–18 Annual Report

industryspread

The Industry Spread is a news and information site built for the global trading industry. The site provides industry news focusing on technology, global regulation, company news and the latest people moves .

Financial Transactions and Reports Analysis Centre of Canada

The Tabling of Financial Transactions and Reports Analysis Centre of Canada’s 2017–18 Annual Report

December 2, 2018

Financial Transactions and Reports Analysis Centre of Canada

Finance Minister Bill Morneau tabled in Parliament the 2017–18 Annual Report of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The report outlines key activities and operations that the Centre carried out in 2017–18 to help protect Canadians and the integrity of Canada’s financial system.

Over the past year, with the information that the Centre received from Canadian businesses across the country, FINTRAC was able to produce actionable financial intelligence relevant to investigating and prosecuting money laundering and terrorist activity financing. This intelligence contributed to a record number of project-level investigations, in addition to a significant number of individual investigations. FINTRAC has also seen tangible and effective results through its innovative public-private sector partnerships aimed at more effectively combatting money laundering associated with human trafficking in the sex trade, fraud and the trafficking of illicit fentanyl.

Canadian businesses play a significant role in the fight against money laundering and terrorist activity financing, and FINTRAC is responsible for ensuring compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. FINTRAC works closely with businesses and their associations to increase awareness and understanding of their compliance obligations under the Act. FINTRAC is committed to strengthening its support for Canadian businesses through reporting guidance and strategic intelligence assessments.

Quotes

“The Government of Canada is committed to safeguarding Canada’s strong and well-functioning

Bill Morneau, Minister of Finance
Bill Morneau, Minister of Finance

financial sector. As a world-renowned financial intelligence unit, FINTRAC plays a unique and essential role in the fight against money laundering and terrorist activity financing.”

Bill Morneau, Minister of Finance

“Together with Canadian businesses across the country, FINTRAC helps protect Canadians and the integrity of Canada’s financial system. Compliance with the legislation helps to deter criminals and terrorists from operating within the legitimate channels of our economy. We all benefit from having a stable and secure financial system that is not easily accessed and exploited by money launderers and terrorist financiers. I am confident that, together, we will succeed in building an even stronger, more effective regime for Canadians.”

Nada Semaan, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada

Login To MyTis Comment Or Register to MyTIS

Leave a Reply

avatar
  Subscribe  
Notify of

Newsletter

Register now to receive the latest news and information for global trading industry.

Latest Articles

Gil Shapira

Gil Shapira Appointed as eToro’s Chief Information Officer

Israel based online trading service provide eToro recently revealed in an announcement that the firm has created a new senior-level leadership role and hired a new executive. As per the …