The federal agency charged with finding cases of money laundering and "terrorist financing activities" said it has identified over $5 billion in suspicious transactions in the past year – more than double the previous year's total.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which tabled its annual report in Parliament Wednesday, said it tipped law enforcement authorities to 168 suspicious cases in the past year. That was up from 142 cases the year before valued at $2 billion.

Most of the cases — 134 — involved suspected money laundering with transactions valued at $4.75 billion.

But 33 cases representing $256 million were linked to suspected terrorist activity "and other threats to the security of Canada," the report said.

That figure was up from $180 million last year.

One case involved both money laundering and suspected terrorist activity.

"The significant growth in the dollar value of our disclosures this year is the result of our deliberate strategy of identifying large-scale money laundering networks," Horst Intscher, director of FINTRAC, said in a statement.

The average value of each case was almost $30 million last year, up from $14.4 million the year before.

FINTRAC was set up in 2000 to look into money laundering and was expanded after the Sept. 11, 2001, attacks to include the "detection and deterrence of terrorist financing activity."

The report does not go into specific detail about the suspicious transactions.