FINTRAC issued its 2010 Annual Report to Parliament today and among the highlights in this year’s report are the following:
- FINTRAC made 579 disclosures of information that it suspected may be relevant for investigating threats to Canada’s national security, terrorist financing or money laundering;
- Approximately 63% of the disclosures of information were made to the RCMP. The Canada Revenue Agency received 22% of the disclosures; CSIS received 13% and the Canada Border Services Agency received 7%. Other disclosures were made to Ontario and Quebec police forces, and international law enforcement agencies;
- By far, the most number of disclosures were for money laundering suspected activities;
- FINTRAC increased its compliance audits by 52% in the past year, and conducted a total of 691 compliance audits of reporting entities; and
- Only seven administrative monetary penalties were assessed against reporting entities.
The FINTRAC 2010 Annual Report is available here.