Speaking points for Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada at the ACAMS Assembly Canada Conference

From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Check against delivery I want to acknowledge that I am speaking to you from the traditional territory of many nations, and what is now home to many diverse First Nations, Inuit and Métis peoples. There’s never been a better time for such a knowledgeable group of leaders and practitioners – from across the public and private sectors – to come together to discuss the ever-evolving threats we face and to find collaborative solutions to address them. This is a defining moment for Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime and our collective efforts in combatting money laundering and terrorist financing: One thing is clear: as we look to the future, the status quo is not an option. I want to take a moment to touch on some of the critical results that we are achieving for Canadians. It’s important to celebrate and build on our successes. It also serves as a reminder of what’s at stake and why we need to come together in this fight against money laundering and terrorist financing. My primary focus today is on how we’re modernizing FINTRAC to meet the challenges – and leverage the opportunities – of the future. This includes transforming our systems, our processes and our approaches so that we can better support the AML/ATF efforts of Canadian businesses across the country, and more effectively contribute to the investigations of Canada’s law enforcement and national security agencies. Strengthening and expanding our partnerships will be critical to FINTRAC’s modernization, and to enhancing our collective ability to combat money laundering and terrorist financing. More than ever, it takes a network – a strong, equipped and committed network – to defeat modern criminal and terrorist networks. In late September, the RCMP, working in cooperation with U.S. Homeland Security in Buffalo, New York, recognized FINTRAC’s contribution to Operation Heinze, a 16-month investigation that resulted in the arrest of an individual in possession of 433 kilograms of cocaine that was destined for Canada. Believed to be the largest cocaine bust in the history of western New York, this operation resulted in multiple charges for, among other things, participating in activities of a criminal organization and money laundering. It’s not hard to imagine the harm that these and the other drugs that were seized would have done in our communities and to our most vulnerable citizens. Over the past year, our financial intelligence supported nearly 300 major, resource intensive investigations and many hundreds of other individual investigations at the municipal, provincial and federal levels across the country, and internationally. Our financial intelligence is critical to law enforcement and national security 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 intelligence. And 96% of the feedback that we received last year indicated that our financial intelligence was both valuable and actionable. The results that we have been able to achieve would not have been possible without the dedicated efforts of businesses across the country. I want to recognize and thank you for helping to protect Canada and Canadians. We are committed to working with businesses across the country to assist them in understanding and complying with their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. To this end, we’ve expanded our communications with businesses over the past year, including: While our priority is to work with businesses to help them comply with their obligations, we’ll also be firm in ensuring that they do their part, and we’ll take appropriate action when it is needed. Combatting money laundering and terrorist financing should never be viewed as a cost centre or an expense. And our collective efforts mus