ARCHIVED - Financial Transactions and Reports Analysis Centre of Canada

• Previous Page
• Table of Contents
•  

This page has been archived.

SECTION III – SUPPLEMENTARY INFORMATION

Organizational Information

FINTRAC is established as an independent agency, reporting to Parliament through the Minister of Finance, who is responsible for the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its accompanying regulations. The organization is funded through appropriations. The Centre is headquartered in Ottawa and has small regional offices in Montreal, Toronto and Vancouver.

The Director, appointed by the Governor-in-Council, is the Chief Executive Officer of the Centre and has all the powers of a deputy head of a department. The Centre has separate employer status. The Director is required to report to the Minister of Finance on the exercise of those powers and the performance of duties authorized under the Act.

Figure 1: FINTRAC’s Current Program Activity Architecture

The Senior Deputy Director, Operations has responsibility for the Financial Intelligence Analysis and Compliance sub-activities as well as defining the user requirements for technology-driven collection, analytics, and case management systems.

The Financial Intelligence Analysis sub-activity includes all of FINTRAC’s tactical financial intelligence and macro-analysis functions for detecting money laundering and terrorist activity financing schemes.

The Compliance sub-activity includes FINTRAC’s regional offices and includes initiatives to implement the compliance program and undertake regional outreach to law enforcement agencies and other key partners.

The Deputy Director, Strategies and Partnerships is responsible for the management of FINTRAC’s external relationships, both domestic and international, as well as the integration of Centre-wide goals and activities into articulated strategies and cohesive plans and policies. In addition, the Deputy Director has responsibility for corporate management functions including finance, administration, human resources, communications, and security.

The Deputy Director, Information Management/Information Technology (IM/IT) is responsible for the Technology-Driven Collection, Analytics and Case Management and IT Support and Maintenance sub-activities. This sector develops and applies information management and information technology methodologies that support and advance all of FINTRAC’s objectives. It designs, implements, secures and supports all technology solutions to meet internal and external end-user requirements. The IM/IT sector is also in charge of FINTRAC’s ATIP activities.

Legal Services are provided to the Centre by the General Counsel and three Senior Legal Counsel, who are employees of the Department of Justice.

Figure 2: FINTRAC’s Organization Chart

Financial and Supplementary Information

Table 1: Comparison of Planned to Actual Spending (including FTEs)

($ millions)	2004-05 Actual	2005-06 Actual	2006-07
			Main Estimates	Planned Spending	Total Authorities	Total Actuals*
Collection, Analysis and Dissemination of Financial Information	17.7	19.2	19.0	30.3	24.6	24.0
Corporate Support**	13.3	13.6	12.1	19.4	15.7	15.4
Total	31.0	32.8	31.1	49.7	40.3	39.4
Plus: Cost of services received without charge	1.8	1.2	1.4	1.7	1.4	1.4
Total Departmental Spending	32.8	34.0	32.5	51.4	41.7	41.2
Full-time Equivalents	183	180	180	265.4	233.4	222

^*The variance between the planned and actual spending relates to deferral of spending for new initiatives under Bill C-25. Bill C-25 received Royal Assent in December 2006.

^**In addition to agency management and Corporate Services, Corporate Support includes all of FINTRAC’s costs for office space & facilities, legal services, and security & privacy to meet the Centre’s special operational requirements and ensure the protection of personal information.

Table 2: Voted and Statutory Items

$ Millions

Vote or Statutory Item	Truncated Vote or Statutory Wording	2006-07
		Main Estimates	Planned Spending	Total Authorities	Total Actuals*
30	Operating expenditures	28.1	46.7	37.1	36.2
(S)	Contributions to employee benefit plans	3.0	3.0	3.2	3.2
	Total	31.1	49.7	40.3	39.4

^*The variance between the planned and actual spending relates to deferral of spending for new initiatives under Bill C-25. Bill C-25 received Royal Assent in December 2006.

Table 3: Services Received Without Charge

($ millions)	2006-2007
Contributions covering employers’ share of employees’ insurance premiums and expenditures paid by Treasury Board of Canada Secretariat (excluding revolving funds). Employer’s contribution to employees’ insured benefits plans and associated expenditures paid by TBS	1.4
Total 2006-07 Services received without charge	1.4

Table 4: Horizontal Initiatives

FINTRAC is involved in the following horizontal initiatives as a partner:

1. National Initiative to Combat Money Laundering
2. Public Security and Anti-Terrorism Initiative (PSAT)

Supplementary information on horizontal initiatives can be found at http://www.tbs-sct.gc.ca/rma/eppi-ibdrp/hrdb-rhbd/profil_e.asp.

Table 5: Financial Statements of Departments and Agencies (Including Agents of Parliament)

FINTRAC produces an Annual Report each year that includes the Centre’s Financial Statements. The 2007 FINTRAC Annual Report contains the Centre’s Financial Statements for the year ended March 31, 2007.

FINTRAC’s 2007 Annual Report can be accessed at www.fintrac.gc.ca.

Table 6: Response to Parliamentary Committees, and Audits and Evaluations for Fiscal Year 2006-07

Response to Parliamentary Committees

The Department of Finance released a consultation paper on June 30, 2005, which outlined proposals for amendments to the PCMLTFA to ensure Canada can fulfill its domestic and international obligations in combating money laundering and terrorist activity financing, and provide the basis for the PCMLTFA Parliamentary Review. The proposals addressed issues both raised by the Auditor General, and outlined in Treasury Board mandated evaluation. It also focussed on international requirements of the Financial Action Task Force, the international standard setter. The Senate Standing Committee on Banking, Trade and Commerce released an interim report of its review of the PCMLTFA on October 3, 2006, with many recommendations reflected in Bill C-25. FINTRAC was closely involved in the process, working along side the Department of Finance on the Review and the development of Bill C-25. On October 5, 2006, Bill C-25, an Act to amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the Income Tax Act was tabled in the House of Commons. The Bill received Royal Assent on December 14, 2006. It focused on strengthening Canada’s AML/ATF regime, and incorporated many of the proposals from the consultation paper. Some of the key legislative amendments outlined in Bill C-25 include the development of a Money Services Businesses Registry; enhancing customer due diligence; including new sectors such as dealers in precious metals and stones, and lawyers in the AML/ATF regime; enhancing diligence on foreign politically exposed persons; enhancing disclosures; requiring reporting of suspicious attempted transactions; and the implementation of an Administrative Monetary Penalty regime.

Response to the Auditor General including to the Commissioner of the Environment and Sustainable Development (CESD)

FINTRAC continues to implement the recommendations of the Auditor General’s November 2004 value-for-money audit of the National Initiative to Combat Money Laundering. The report made a number of recommendations to strengthen the Initiative overall and to make FINTRAC more effective. A complete list of the recommendations and the responses of FINTRAC and other initiative partners can be accessed at: http://www.oag-bvg.gc.ca/domino/reports.nsf/html/20041102ce.html

External Audits or Evaluations

The Year-Five Evaluation of the National Initiative to Combat Money Laundering and Interim Evaluation of Measures to Combat Terrorist Financing was conducted in late 2004. The final report detailing the conclusions of the evaluation may be found at: http://www.fin.gc.ca/toce/2005/nicml-incba_e.html In response, the Department of Finance released in June 2005, a consultation paper that outlined proposed changes to Canada’s anti-money laundering and anti-terrorist activity financing regime. The consultation documents that outline the key measures proposed may be found at: http://www.fin.gc.ca/toce/2005/enhancing_e.html The submissions received from interested parties in response to the consultation paper may be found at: http://www.fin.gc.ca/activty/consult/regime_e.html

Internal Audits or Evaluations
There were no internal audits or evaluations conducted during 2006-2007.

Annex 1: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Financial Statements (Unaudited) For the Year Ended March 31, 2007

Management Responsibility for the Financial Statements

Responsibility for the integrity and objectivity of the accompanying financial statements for the year ended March 31, 2007 and all information contained in these statements rests with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) management. These financial statements have been prepared in accordance with Treasury Board accounting policies which are consistent with Canadian generally accepted accounting principles for the public sector.

Management is responsible for the integrity and objectivity of the information in these financial statements. Some of the information in the financial statements is based on management’s best estimates and judgment and gives due consideration to materiality. To fulfill its accounting and reporting responsibilities, management maintains a set of accounts that provides a centralized record of FINTRAC’s financial transactions. Financial information submitted to the Public Accounts of Canada and included in the FINTRAC’s Departmental Performance Report is consistent with these financial statements.

Management maintains a system of financial management and internal control designed to provide reasonable assurance that financial information is reliable, that assets are safeguarded and that transactions are in accordance with the Financial Administration Act, are executed in accordance with prescribed regulations, within Parliamentary authorities, and are properly recorded to maintain accountability of Government funds. Management also seeks to ensure the objectivity and integrity of data in its financial statements by careful selection, training and development of qualified staff, by organizational arrangements that provide appropriate divisions of responsibility, and by communication programs aimed at ensuring that regulations, policies, standards and managerial authorities are understood throughout FINTRAC.

The transactions and financial statements of FINTRAC have not been audited.

_____________________          _____________________
Horst Intscher                              Alfred Tsang
Director                                       A/Senior Financial Officer
FINTRAC                                  FINTRAC
Ottawa, Canada                          Ottawa,Canada

STATEMENT OF OPERATIONS (Unaudited)

For the year ended March 31, 2007

(In Dollars)	2007	2006
OPERATING EXPENSES
Salaries and employee benefits	$24,227,064	$19,776,933
Repairs and maintenance	2,989,222	2,122,319
Accommodations	2,795,981	2,616,843
Professional and special services	2,619,624	2,106,956
Amortization of tangible capital assets	2,297,119	3,297,513
Machinery and equipment	1,906,387	360,527
Travel and relocation	1,427,872	1,064,808
Telecommunication services	775,969	735,104
Utilities, materials and supplies	408,363	407,998
Communication services	310,368	253,064
Other expenditures	3,563	70,916
Loss on disposal and write-down of tangible capital assets	-	326,199
NET COST OF OPERATIONS	$39,761,532	$33,139,180

The accompanying notes are an integral part of these financial statements

STATEMENT OF FINANCIAL POSITION (Unaudited)

At March 31, 2007

(In Dollars)	2007	2006
ASSETS
Financial assets
Accounts receivable and advances (Note 4)	$404,978	$71,773
Non-financial assets
Prepaid expenses	25,925	70,353
Tangible capital assets (Note 5)	15,708,203	13,381,193
	15,734,128	13,451,546
TOTAL ASSETS	$16,139,106	$13,523,319
LIABILITIES AND EQUITY OF CANADA
Liabilities
Accounts payables and accrued liabilities	$6,402,257	$2,890,544
Vacation pay and compensatory leave	1,045,888	785,579
Employee severance benefits (Note 6)	4,690,581	4,017,978
	12,138,726	7, 694,101
Equity of Canada	4,000,380	5,829,218
TOTAL LIABILITIES AND EQUITY OF CANADA	$16,139,106	$13,523,319

Contractual obligations (Note 7)

The accompanying notes are an integral part of these financial statements.

STATEMENT OF EQUITY OF CANADA (Unaudited)

At March 31, 2007

(In Dollars)	2007	2006
EQUITY OF CANADA, BEGINNING OF YEAR	$5,829,218	$3,941,212
Net cost of operations	(39,761,532)	(33,139,180)
Current year appropriations used (note 3)	39,419,959	32,360,449
Refund of previous year expenditures	(107,216)	(80,333)
Change in net position in the Consolidated Revenue Fund (note 3)	(2,764,071)	1,527,420
Services received without charge from other government departments (Note 8)	1,384,022	1,219,650
EQUITY OF CANADA, END OF YEAR	$4,000,380	$5,829,218

The accompanying notes are an integral part of these financial statements.

STATEMENT OF CASH FLOW (Unaudited)

For the year ended March 31, 2007

(In Dollars)	2007	2006
OPERATING ACTIVITIES
Net cost of operations	$39,761,532	$33,139,180
Non-cash items:
Amortization of tangible capital assets (note 5)	(2,297,119)	(3,297,513)
Loss on disposal and write-down of tangible capital assets	-	(326,199)
Services provided without charge by other government departments (note 8)	(1,384,022)	(1,219,650)
Variations in Statement of Financial Position:
Increase (decrease) in accounts receivables and advances	333,205	(376,132)
Increase (decrease) in prepaid expenses	(44,428)	(19,205)
Decrease (increase) in accounts payable and accrued liabilities	(3,511,713)	1,488,046
Decrease (increase) in vacation pay and compensatory leave	(260,309)	(35,986)
Decrease (increase) in employee severance benefits	(672,603)	(73,412)
Cash used by operating activities	31,924,543	29,279,129
CAPITAL INVESTMENT ACTIVITIES
Acquisitions of tangible capital assets (note 5)	4,624,129	4,528,407
FINANCING ACTIVITIES
Net cash provided by government	$36,548,672	$33,807,536

The accompanying notes are an integral part of these financial statements.

Notes to the Financial Statements (Unaudited)

For the year ended March 31, 2007

1. Authority and Objectives

   The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) was established through the Proceeds of Crime (Money Laundering) Act in July 2000 as part of the National Initiative to Combat Money Laundering. This legislation established FINTRAC as a government agency and separate employer, named in Schedule 1.1 of the Financial Administration Act. Originally, the key objectives for FINTRAC were the detection and deterrence of laundering of proceeds of crime. However, with the enactment of the Anti-terrorism Act in December 2001, FINTRAC was given additional responsibilities and government funding to detect the financing of terrorist activities. FINTRAC fulfills its responsibilities by collecting, analyzing, assessing financial information and, where appropriate, disclosing information relevant to the investigation and prosecution of money laundering offences and the financing of terrorist activities.

   FINTRAC’s strategic outcome is “Financial Intelligence that contributes to the detection and deterrence of money laundering and terrorist activity financing in Canada and abroad” with one program being “Collection, Analysis and Dissemination of Financial Information”.

2. Summary of Significant Accounting Policies

   The financial statements have been prepared in accordance with Treasury Board accounting policies which are consistent with Canadian generally accepted accounting principles for the public sector.

   Significant accounting policies are as follows:

   (a) Parliamentary appropriations
   FINTRAC is financed by the Government of Canada through Parliamentary appropriations. Appropriations provided to FINTRAC do not parallel financial reporting according to Canadian generally accepted accounting principles since appropriations are primarily based on cash flow requirements. Consequently, items recognized in the Statement of Operations and the Statement of Financial Position are not necessarily the same as those provided through appropriations from Parliament. Note 3 provides a high-level reconciliation between the bases of reporting.

   (b) Net Cash Provided by Government
   FINTRAC operates within the Consolidated Revenue Fund (CRF), which is administered by the Receiver General for Canada. All cash received by FINTRAC is deposited to the CRF and all cash disbursements made by FINTRAC are paid from the CRF. The net cash provided by Government is the difference between all cash receipts and all cash disbursements including transactions between departments of the Federal Government.

   (c) Consolidated Revenue Fund
   Change in net position in the Consolidated Revenue Fund is the difference between the net cash provided by Government and appropriations used in a year. It results from timing differences between when a transaction affects appropriations and when it is processed through the CRF.

   (d) Expenses
   Expenses are recorded on the accrual basis:

   • Vacation pay and compensatory leave are expensed as the benefits accrue to employees under their respective terms of employment.
   • Services provided without charge by other government departments for employer's contributions to the health and dental insurance plans are recorded as operating expenses at their estimated cost.
   • Legal fees incurred and paid by FINTRAC to Justice Canada are recorded as operating expenses in these financial statements.

   (e) Employee future benefits

   i. Pension benefits: Eligible employees participate in the Public Service Pension Plan, a multi-employer plan administered by the Government of Canada. FINTRAC's contributions to the Plan are charged to expenses in the year incurred and represent the total FINTRAC’s obligation to the Plan. Current legislation does not require the Centre to make contributions for any actuarial deficiencies of the Plan.

   ii. Severance benefits: Employees are entitled to severance benefits under labour contracts or conditions of employment. These benefits are accrued as employees render the services necessary to earn them. The obligation relating to the benefits earned by employees is calculated using information derived from the results of the actuarially determined liability for employee severance benefits for the Government as a whole.

   (f) Accounts receivable and advances
   Accounts receivable are stated at amounts expected to be ultimately realized; a provision is made for receivables where recovery is considered uncertain.

   (g) Contingent liabilities
   Contingent liabilities are potential liabilities which may become actual liabilities when one or more future events occur or fail to occur. To the extent that the future event is likely to occur or fail to occur, and a reasonable estimate of the loss can be made, an estimated liability is accrued and an expense recorded. If the likelihood is not determinable or an amount cannot be reasonably estimated, the contingency is disclosed in the notes to the financial statements.

   (h) Tangible capital assets
   All tangible capital assets and leasehold improvements having an initial cost of $5,000 or more are recorded at their acquisition cost. FINTRAC does not capitalize intangibles, works of art and historical treasures that have cultural, aesthetic or historical value, assets located on Indian Reserves and museum collections. Amortization of tangible capital assets is done on a straight-line basis over the estimated useful life of the tangible capital asset as follows:

   
   

   Asset Class	Amortization Period
   Machinery and equipment	5 years
   Informatics hardware	3 to 5 years
   Informatics software	3 to 5 years
   Other equipment, including furniture	3 to 10 years
   Leasehold improvements	Lesser of remaining lease term and 10 years
   Work in progress	Once in service in accordance to asset type

   
   

   (i) Measurement uncertainty
   The preparation of these financial statements in accordance with Treasury Board accounting policies which are consistent with Canadian generally accepted accounting principles for the public sector, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses reported in the financial statements. At the time of preparation of these statements, management believes the estimates and assumptions to be reasonable. The most significant items where estimates are used are contingent liabilities, the liability for employee severance benefits and the useful life of tangible capital assets. Actual results could significantly differ from those estimated. Management's estimates are reviewed periodically and, as adjustments become necessary, they are recorded in the financial statements in the year they become known.

3. Parliamentary appropriations

   FINTRAC receives most of its funding through annual Parliamentary appropriations. Items recognized in the Statement of Operations and the Statement of Financial Position in one year may be funded through Parliamentary appropriations in prior, current or future years. Accordingly, FINTRAC has different net results of operations for the year on a government funding basis than on an accrual accounting basis. The differences are reconciled in the following tables:

   (a) Reconciliation of net cost of operations to current year appropriations used:

   
   

   (In Dollars)	2007	2006
   Net cost of operations	$39,761,532	$33,139,180
   Adjustments for items affecting net cost of operations but not affecting appropriations:
   Add (Less):
   Services provided without charge by other government departments	(1,384,022)	(1,219,650)
   Amortization of tangible capital assets	(2,297,119)	(3,297,513)
   Gain (loss) on disposal and write-down of tangible capital assets	-	(326,199)
   Legal fees paid to Justice Canada	(414,437)	(415,506)
   Refund of previous year expenditures	107,216	80,333
   Increase in vacation pay and compensatory leave liability	(260,309)	(35,986)
   Increase in employee severance benefits liability	(672,603)	(73,412)
   	(4,921,274)	(5,287,933)
   Adjustments for items not affecting net cost of operations but affecting appropriations:
   Add (Less):
   Acquisitions of tangible capital assets	4,624,129	4,528,407
   Increase (Decrease) in prepaid expenses	(44,428)	(19,205)
   Current year appropriations used	$39,419,959	$32,360,449

   
   

   (b) Appropriations provided and used:

   
   

   (In Dollars)	2007	2006
   Appropriations provided:
   Vote 30 – Operating expenditures	28,110,000	27,663,000
   Vote 30a – Supplementary	8,990,349	-
   Vote 5 – Transfer from Treasury Board	-	3,236,875
   Vote 15 - Transfer from Treasury Board	7,000	-
   Statutory amounts	3,155,680	3,082,784
   Less: Lapsed appropriations - Operating	(843,070)	(1,622,210)
   Current year appropriations used	$39,419,959	$32,360,449

   
   

   c) Reconciliation of net cash provided by Government to current year appropriations used:

   
   

   (In Dollars)	2007	2006
   Net cash provided by Government	$36,548,672	$33,807,536
   Revenue not available for spending	107,216	80,333
   Change in net position in the Consolidated Revenue Fund
   Variation in accounts receivable and advances	(333,205)	376,132
   Variation in accounts payable and accrued liabilities	3,511,713	(1,488,046)
   Legal fees paid to Justice Canada	(414,437)	(415,506)
   	2,764,071	(1,527,420)
   Current year appropriations used	$39,419,959	$32,360,449

   
   

4. Accounts Receivable and Advances

   
   

   (In Dollars)	2007	2006
   Receivables from other federal government departments and agencies	$346,535	$60,743
   Receivables from external parties	52,693	5,280
   Employee advances	5,750	5,750
   	$404,978	$71,773

   
   

5. Tangible capital assets

   
   

   (In Dollars)	Cost
   	Opening balance	Acquisitions	Disposals and write-offs	Closing balance
   Machinery and equipment	$633,102	$104,883	-	$737,985
   Informatics hardware	13,500,172	3,514,709	-	17,014,881
   Informatics software	9,334,173	5,779,822	-	15,113,995
   Other equipment, including furniture	3,400,783	34,281	-	3,435,064
   Leasehold improvements	5,714,194	106,638	-	5,820,832
   Work in progress	4,916,204	(4,916,204)	-
   	$37,498,628	$4,624,129	-	$42,122,757

   
   
   
   

   (In Dollars)	Accumulated amortization
   	Opening balance	Amortization	Disposals and write-offs	Closing balance
   Machinery and equipment	$540,718	$70,902	-	$611,620
   Informatics hardware	12,453,573	353,305	-	12,806,878
   Informatics software	7,665,753	1,060,482	-	8,726,235
   Other equipment, including furniture	1,592,523	286,586	-	1,879,109
   Leasehold improvements	1,864,868	525,844	-	2,390,712
   	$24,117,435	$2,297,119	-	$26,414,554

   
   
   
   

   (In Dollars)	Net book value
   	2006	2007
   Machinery and equipment	$92,384	$126,365
   Informatics hardware	1,046,599	4,208,003
   Informatics software	1,668,420	6,387,760
   Other equipment, including furniture	1,808,260	1,555,955
   Leasehold improvements	3,849,326	3,430,120
   Work in progress	4,916,204	-
   	$13,381,193	$15,708,203

   
   

   Amortization expense for the year ended March 31, 2007 is $2,297,119 ($3,297,513 in 2006)

6. Employee Benefits

   (a) Pension benefits:

   FINTRAC's employees participate in the Public Service Pension Plan, which is sponsored and administered by the Government of Canada. Pension benefits accrue up to a maximum period of 35 years at a rate of two per cent per year of pensionable service, times the average of the best five consecutive years of earnings. The benefits are integrated with Canada/Québec Pension Plans benefits and they are indexed to inflation.

   Both the employees and the department contribute to the cost of the Plan. The 2006-07 expense amounts to $2,696,580 ($2,774,505 in 2005-06), which represents approximately 2.2 times (2.6 times in 2005-06) the contributions made by employees.

   The department's responsibility with regard to the Plan is limited to its contributions. Actuarial surpluses or deficiencies are recognized in the financial statements of the Government of Canada, as the Plan's sponsor.

   (b) Severance benefits:

   FINTRAC provides severance benefits to its employees based on eligibility, years of service and final salary as per Treasury Board policy. These severance benefits are not pre-funded. Benefits will be paid from future appropriations. Information about the severance benefits, measured as at March 31, 2007 is as follows:

   
   

   (In Dollars)	2007	2006
   Employee severance benefit liability, beginning of year	$4,017,978	$3,944,566
   Expense for the year	922,665	412,060
   Benefits paid during the year	(250,062)	(338,648)
   Employee severance benefit liability, end of year	$4,690,581	$4,017,978

   
   

7. Contractual obligations

   The nature of FINTRAC’s activities can result in some large multi-year contracts and obligations whereby FINTRAC will be obligated to make future payments when the services are received. FINTRAC has entered into lease agreements with Public Works and Government Services Canada for office space in five locations across Canada. The minimum aggregate annual payments for future fiscal years are as follows:

   
   

   (In thousands of dollars)
   2007-2008	$2,963
   2008-2009	1,236
   2009-2010 and thereafter	-
   	$4,199

   
   

8. Related party transactions

   FINTRAC is related as a result of common ownership to all Government of Canada departments, agencies, and Crown corporations. FINTRAC enters into transactions with these entities in the normal course of business and on normal trade terms. Also, during the year, FINTRAC received services which were obtained without charge from other Government departments as presented below.

   (a) Services provided without charge:

   During the year FINTRAC received without charge from other departments the employer's contribution to the health and dental insurance plans in the amount of $1,384,022 ($1,219,650 in 2005 06). The Government has structured some of its administrative activities for efficiency and cost-effectiveness purposes so that one department performs these on behalf of all without charge. The costs of these services, which include payroll and cheque issuance services provided by Public Works and Government Services Canada and audit services provided by the Office of the Auditor General, are not included as an expense in FINTRAC's Statement of Operations.

   (b) Payables and receivables outstanding at year-end with related parties:

   
   

   (In Dollars)	2007	2006
   Accounts receivable with other government departments and agencies	$346,535	$60,743
   Accounts payable to other government departments and agencies	$644,828	$175,606

   
   

9. Comparative information

   Comparative figures have been reclassified to conform to current year’s presentation.

• Previous Page
• Table of Contents
•