Financial Crime World

Financial Crime Prevention Strategies in Canada Receive Boost from Government

Money laundering, a serious crime that undermines Canadians’ safety and security, has long been a concern for authorities. The illegal activity disguises the source of funds or assets obtained through criminal means, enabling organized crime groups to fund other illicit activities such as corruption, fraud, human trafficking, and drug trade.

Government Commitment to Combat Money Laundering

To combat this complex issue, the Government of Canada has dedicated significant resources to strengthen its anti-money laundering (AML) regime. Since 2019, Ottawa has invested:

  • $319.9 million
  • $48.8 million annually

to modernize AML laws, enhance inter-agency cooperation, and equip law enforcement with the tools and expertise needed to investigate financial crimes.

Financial Crime Coordination Centre (FC3)

At the forefront of this effort is the Financial Crime Coordination Centre (FC3), a five-year pilot initiative led by Public Safety Canada. Launched in 2019 with $24 million in funding, FC3 brings together AML professionals from across jurisdictions to:

  • Share knowledge and best practices
  • Develop resources and expertise
  • Provide threat analysis and response
  • Offer legislative and policy support

FC3 Initiatives

The centre’s key initiatives include:

  • Training and expertise development
  • Threat analysis and response
  • Legislative and policy support
  • Knowledge sharing on enforcement tools and resources

Knowledge Hub Portal

FC3 has also established a Knowledge Hub Portal, an online platform that provides access-restricted collaboration space for professionals dealing with money laundering and financial crimes. The portal connects members to:

  • Essential resources
  • Promotes awareness of AML efforts across Canada
  • Offers practical information to aid investigators, prosecutors, and other professionals in their work

2024 Spin Cycle Conference

Recently, the FC3 hosted its 2024 Spin Cycle conference, which attracted over 1,350 registrants, including 300 in-person attendees. Videos of the presentations are being developed and will soon be available on the FC3 Knowledge Hub Portal.

Reporting Suspected Financial Crimes

For those who suspect financial crimes, reporting suspected activities can be done through the resources provided by the Financial Crime Coordination Centre. The centre serves Canadian AML professionals but is not an investigative unit.

Government Results

The Government’s efforts to combat money laundering have yielded significant results, with several notable initiatives and announcements made in recent months, including:

  • Strengthening Canada’s response to financial crime
  • Leading a national response to money laundering and terrorist financing
  • Investing $98.9 million over five years to modernize the Royal Canadian Mounted Police (RCMP) and enhance its capabilities

Conclusion

As the battle against financial crime continues, Canadians can rest assured that their government is committed to protecting them from this serious threat to their safety and security.