A record 579 case disclosures were provided this year to law enforcement, other domestic partners and to foreign financial intelligence units by Canada’s anti-money laundering watchdog.

The 2009-20 annual report of Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) was tabled in Parliament on Thursday.

The report highlights that FINTRAC in the last two years provided a record 1,135 case disclosures to law enforcement, the Canadian Security Intelligence Service, the Canada Revenue Agency, the Canada Border Services Agency, the Communications Security Establishment Canada and foreign financial intelligence units.

During fiscal 2009-2010, 470 case disclosures were for suspected money laundering, 73 were for suspected terrorist activity financing and/or threats to the security of Canada, and 36 were for both suspected money laundering, and suspected terrorist activity financing and/or threats to the security of Canada.

Turnaround time improved 17% during the year, FINTRAC said

“The large increase in output in the last two years continues a trend that began when we became operational. In 10 years, we have produced 2,149 case disclosures,” said Jeanne Flemming, FINTRAC director, in a release.

“I am pleased to say that we have again this year improved our turnaround time even while requests for our assistance rose 36% over the same period. Ten years after opening our doors, we are now able to produce more financial intelligence, more quickly than anytime in our past,” she added.

“Crimes like fraud have real victims and terrorist activity
financing is the lifeblood of terrorists. That’s why we increased FINTRAC’s annual ongoing budget by $8 million in Budget 2010 to support greater financial intelligence,” said finance minister Jim Flaherty.

IE