Remarks from Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada at the ACAMS 9th Annual AML and Anti-Financial Crime Conference

From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Virtual Canada November 3, 2021 Check Against Delivery Good morning. I'd like to thank ACAMS for the opportunity to speak with you today. Before I begin, I want to acknowledge that I am speaking to you from the traditional and unceded territory of the Algonquin Anishinaabeg People. I'm really pleased to have the chance to address the ACAMS community – my first since being appointed FINTRAC's Director last November. ACAMS is a respected leader in anti-money laundering and anti-terrorism financing training and development. The CAMS designation is recognized as a key certification in the AML field. ACAMS also plays a critical role in bringing together professionals from a variety of disciplines to share valuable insight on a complex and ever-evolving AML/ATF environment. Many of us approach money laundering and terrorism financing from a different lens, based on the role that we have within Canada's broader regime. But we all understand the damaging and corrosive impact these crimes have on Canadians, on our institutions and on our country. And we all have a stake in coming together to combat these illicit activities. This morning, I want to touch on some of the impressive results that we are achieving collectively for Canadians. It's important to take a moment to reflect on the contributions that we have made, together, under the most challenging of circumstances. I also want to share with you some of our priorities going forward, including our commitment to strengthening and expanding our partnerships and to modernizing our approaches so that we can better support your AML/ATF efforts. There's an old Ethiopian proverb that says, "When spider webs unite, they can tie up a lion." Colleagues, when we work together, we may not be tying up a lion but we are certainly making it harder for criminals and terrorists to harm Canadians or threaten the integrity of Canada's financial system. As we come together today under the long shadow of the global pandemic, it's important to recognize that it has been a difficult time – in many ways a generational challenge – for governments, businesses and people across Canada and around the world. While thinking of the hardships endured by so many, we should also acknowledge the resilience that Canadians have demonstrated throughout this crisis. This includes everyone here today who has continued to work to combat money laundering and terrorist activity financing – and help protect Canada and Canadians. FINTRAC quickly mobilized and reoriented its operations at the beginning of the pandemic to ensure it was able to deliver on its core financial intelligence and compliance mandates, while keeping its people and its workplace safe. From the earliest lockdown in 2020, the Centre has continued to receive and analyze reporting and provide actionable financial intelligence to Canada's law enforcement and national security agencies. Over the past year, we generated more than 2,000 financial intelligence disclosures in support of investigations related to money laundering, terrorist activity financing and threats to the security of Canada. While working in a pandemic environment and adhering to public health restrictions, we managed to provide roughly the same number of disclosures as in previous years, adding to the more than 21,000 financial intelligence disclosures that FINTRAC has generated since becoming operational in 2001. The reporting that we receive from Canadian businesses is crucial – it is the foundation of the financial intelligence that we are able to generate for Canada's law enforcement and national security agencies, as well as our counterparts internationally. And we know this financial intelligence is critical to their investigations. Many of the recipients of our disclosures have told us that they will not start a major project-level investigation without seeking out our financial intelligence. Last year, our f