Audit report of the Privacy Commissioner of Canada : Financial Transactions and Reports Analysis Centre of Canada

Money laundering is the process used to disguise the origin of money or assets derived from criminal activity. The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA or the Act) was enacted in 2000. This legislation established the Financial Transactions and Reports Analysis Centre (FINTRAC) as Canada's financial intelligence unit. The audit objective was to assess whether FINTRAC has adequate controls to protect personal information, and whether its processes and practices for managing such information comply with the fair information practices embodied in sections 4 through 8 of the Privacy Act. The act of "collection" under the terms of the Privacy Act includes both the passive receipt and the active collection of personal information.