FINTRAC 2021–22 Annual Report Safe Canadians, Secure Economy

"Over the past year, the Centre supported a number of national priorities, including the federal government's efforts to combat Russian-linked money laundering related to sanctions evasion following the Russian Federation's unprovoked and unjustified invasion of Ukraine. We also contributed to 335 major, resource intensive money laundering and terrorist financing investigations as well as many hundreds of other individual investigations at the municipal, provincial and federal levels across the country."

Sarah Paquet, Director and CEO, FINTRAC

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STRATEGIC INTELLIGENCE

PUBLISHED a Special Bulletin on Russia-linked money laundering related to sanctions evasion

SHARED updated money laundering indicators associated with human trafficking for sexual exploitation in support of Project Protect

PUBLISHED a Special Bulletin on Ideologically Motivated Violent Extremism

DEVELOPED a new Sectoral and Geographic Advisory on Underground Banking through Unregistered Money Services Businesses

STRATEGIC COORDINATION AND COLLABORATION

Engaged regime partners and stakeholders through the Advisory Committee on Money Laundering and Terrorist Financing and its working groups, such as the Guidance and Policy Interpretation Working Group

Advanced the work of the Public-Private Collaboration Steering Committee, which FINTRAC co-chairs with the Bank of Nova Scotia

Served as a key partner within the Counter-Illicit Finance Alliance of British Columbia (CIFA-BC)

Supported broader efforts to enhance transparency in national security through the National Security Transparency Advisory Group

COMPLIANCE

• Conducted 231 engagement and outreach activities with businesses and stakeholders across Canada
• Responded to 7,664 enquiries from businesses
• Issued 365 policy interpretations to assist businesses with compliance
• Issued 15 Notices of Violation to businesses
• Published significant new and updated guidance to support businesses in implementing the regulatory amendments that took effect in June 2021
• Signed compliance Memoranda of Understanding with the Society of Notaries Public of British Columbia, the Organisme d'autoréglementation du courtage immobilier du Québec, the Financial Services Regulatory Authority of Ontario, and the British Columbia Financial Services Authority
• Conducted 259 compliance examinations across the country
• Provided 7 Non-compliance Disclosures to law enforcement

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Selected by Virginie GASTINE MENOU