Skip to content Skip to institutional links

Common menu bar links

Breadcrumb Trail

Institutional links

ARCHIVED - Financial Transactions and Reports Analysis Centre of Canada

Warning This page has been archived.

Archived Content

Information identified as archived on the Web is for reference, research or recordkeeping purposes. It has not been altered or updated after the date of archiving. Web pages that are archived on the Web are not subject to the Government of Canada Web Standards. As per the Communications Policy of the Government of Canada, you can request alternate formats on the "Contact Us" page.

SECTION II – ANALYSIS OF PROGRAM ACTIVITIES BY STRATEGIC OUTCOME

Analysis by Program Activity

This section outlines the results achieved by FINTRAC’s program activity Collection, Analysis and Dissemination of Financial Information. The program activity supports the achievement of the Centre’s Priorities and Strategic Outcome.

Strategic Outcome:

Financial intelligence that contributes to the detection and deterrence of money laundering and terrorist activity financing in Canada and abroad.

Program Activity Name:

Collection, Analysis and Dissemination of Financial Information

Financial Resources ($ millions):

Planned Spending	Authorities	Actual Spending^*
49.7	40.3	39.4

^*The variance between the planned and actual spending relates to deferral of spending for new initiatives under Bill C-25. Bill C-25 received Royal Assent in December 2006.

Human Resources:

Planned	Actual	Difference
265.4	222	43.4

^*Resource figures for FINTRAC’s program activity Collection, Analysis and Dissemination of Financial Information include all associated corporate support costs.

Performance Indicators	Results Achieved
Program Activity: Collection, Analysis and Dissemination of Financial Information
Performance Measure: High quality case disclosures are produced and disseminated on a timely basis
Number of Case Disclosures	193 case disclosures 152 were for suspected money laundering 33 were for suspected terrorist activity financing and/or other threats to the security of Canada 8 involved both suspected money laundering and suspected terrorist financing activity and/or threats to the security of Canada
Total dollar value of case disclosures by suspected money laundering/terrorist financing/threats to the security of Canada	The total dollar value of the transactions in FINTRAC’s 193 case disclosures in 2006-07 was $9.8 billion, nearly double the transaction value reached last year.
Average dollar value of case disclosures by suspected money laundering/terrorist financing/threats to the security of Canada	On average, each FINTRAC case disclosure involved a total of 458 transactions valued at $51 million. Last year, the average was 261 transactions valued at $29.8 million, and in 2004-2005, that value was $14.4 million.
Performance Measure: High levels of compliance are attained by reporting entities in meeting their legislative obligations
Performance Indicators	Results Achieved
Estimated level of compliance by reporting entities with PCMLTFA record-keeping requirements	A total of 498 deficiencies² were identified through 237 examinations conducted by FINTRAC in 2006-07, illustrating that more than one deficiency can be found in an examination. In examinations where deficiencies were found, an average of 3.08 deficiencies was discovered. Of the 498 deficiencies found, 66 were in relation to record-keeping (or approximately 13% of the total deficiencies). In fiscal 2006-07, FINTRAC determined in two cases that there were sufficient grounds to make a disclosure to law enforcement. One did not involve an on-site examination; in the other, multiple deficiencies were discovered, including three deficiencies related to record-keeping requirements.
Estimated level of compliance by reporting entities with PCMLTFA client identification requirements	With respect to client identification requirements, a total of 119 deficiencies were identified during the examinations (or about 24% of the total deficiencies). In addition, a further 81 deficiencies were identified in connection to third-party determination (or about 16% of the total). In fiscal 2006-07, FINTRAC determined in two cases that there were sufficient grounds to make a disclosure to law enforcement. One did not involve an on-site examination; in the other, multiple deficiencies were discovered, including four deficiencies related to client identification requirements.
Estimated level of compliance by reporting entities with PCMLTFA financial transaction reporting requirements	With regard to reporting requirements, a total of 91 deficiencies were identified during the examination process (or about 18% of the total deficiencies).³ In fiscal 2006-07, FINTRAC determined in two cases that there were sufficient grounds to make a disclosure to law enforcement. One did not involve on-site examination; in the other, multiple deficiencies were discovered, including two deficiencies related to reporting requirements.
Performance Measure: Processes and controls are in place, and operating effectively to protect the privacy of information collected.
Performance Indicators	Results Achieved
Number of unauthorized disclosures	None.

²Deficiencies are identified when legal requirements under the PCMLTFA are not met. These can relate to record-keeping, client identification, financial reporting or any elements of the compliance regime identified in section 71 of the PCMLTF Regulations.

³The vast majority of the remaining deficiencies identified during the examination process were in relation to compliance regimes (a total of 139 deficiencies or 28%).