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ARCHIVED - Financial Transactions and Reports Analysis Centre of Canada - Supplementary Tables
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Sources of Respendable and Non-Respendable Revenue
| Program Activity | Actual 2008-09 |
Actual 2009-10 |
2010-11 | |
|---|---|---|---|---|
| Planned Revenue |
Actual | |||
| Detection and deterrence of money laundering and terrorist financing | ||||
| Administrative Monetary Penalties (AMPs) | - | 178 | - | 86 |
| Total Non-Respendable Revenue | - | 178 | - | 86 |
Since December 30, 2008, FINTRAC has had the legislative authority to issue administrative monetary penalties (AMPs) to reporting entities that are in non-compliance with Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Commencing in the 2009-10 fiscal year, the AMPs regime will be a source of non-respendable revenue for FINTRAC.
The purpose of the AMPs program is to encourage compliance with the PCMLTFA, rather than to punish non-compliance. It is an additional tool to criminal sanctions and represents a measured response to particular instances of reporting entity non-compliance. As such, FINTRAC does not plan on issuing a specific number or value of AMPs per year and is unable to forecast the level of non-respendable revenue derived from the issuance of AMPs.
Further information on penalties that may result from non-compliance with Part 1 of the PCMLTFA including AMPs may be found at http://www.fintrac-canafe.gc.ca/pen/1-eng.asp.
