This article was last updated on April 16, 2022
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The Financial Transactions and Reports Analysis Centre, better known as FINTRAC, has recently mentioned in a statement that the number of reports of suspicious transactions possibly related to terrorist financing in Canada have increased in light of last month’s two deadly attacks on the country’s soldiers.
FINTRAC was set up in 2000 and aimed to tackle money-laundering while ensuring the compliance of 31,000 financial entities doing business in Canada. In light of the attacks, FINTRAC asked all institutions to quickly flag all possible wrongdoings and FINTRAC’s spokesperson, Peter Lamey, mentioned on Thursday that “in the last few weeks there has been a notable increase in the reporting of suspicious transactions … related to terrorist financing.” Lamey stated that “they are also of good quality and comprehensive in many cases. It’s been useful to the work we’ve been doing.” However, Lamey refused to provide specific details of the numbers and refrained from confirming whether any report was linked to the fatal attacks.
According to the statistics revealed last month, FINTRAC passed on 1,143 cases to law enforcement agencies, out of total 81,735 potentially suspicious transactions reported by institutions, in the 2013/14 fiscal year. Whereas, there were only 919 reports in the year before. It was highlighted that 234 disclosures were directly related to terrorist financing, which was an increase from 157 the previous year. The annual report of FINTRAC informed Parliament on Thursday that it received 241 requests for information from foreign intelligence units in the 2013/14 fiscal year, i.e. up from 202 the previous year.
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