Financial Crime World

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Canada Confronts Complex Web of Financial Crimes

A Growing Threat to National Security and Economic Stability

Money laundering, a serious crime that disguises illegal funds as legitimate income, poses a significant threat to Canadians’ safety, security, and quality of life. Criminal organizations rely on laundered money to fuel corrupt activities such as human trafficking, drug trade, and firearms smuggling, putting the integrity and stability of Canada’s financial system at risk.

Government Efforts

The Government of Canada has taken concrete steps to combat this complex issue, investing a total of $319.9 million since 2019 in strengthening its Anti-Money Laundering and Terrorist Financing Regime. Key areas of focus include:

  • Modernizing anti-money laundering laws
  • Enhancing inter-agency cooperation and information sharing
  • Equipping law enforcement agencies with the tools and expertise needed to investigate financial crimes

Financial Crime Coordination Centre: A Hub for Collaboration

The Financial Crime Coordination Centre (FC3), a five-year pilot initiative led by Public Safety Canada, brings together anti-money laundering professionals from across jurisdictions. With a budget of $24 million in 2019, FC3 facilitates collaboration through:

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

Knowledge Hub Portal: A Resource for Professionals

FC3’s online Knowledge Hub is an access-restricted space connecting professionals dealing with money laundering and financial crimes. The portal provides key resources, raises awareness of anti-money laundering efforts across Canada, and offers practical information to aid investigators, prosecutors, and other professionals in their work.

Reporting Suspected Financial Crimes

The FC3 serves Canadian anti-money laundering professionals but is not an investigative unit. To report suspected financial crimes, Canadians can refer to the resources provided below.

Government Efforts: A Commitment to Combating Financial Crime

The Government of Canada has taken several steps to combat money laundering and strengthen its response to financial crime, including:

  • Investing $98.9 million over five years to modernize the RCMP and strengthen its foundations in fighting money laundering
  • Leading a national response to money laundering and terrorist financing

Recent Developments: A Focus on Collaboration and Capacity Building

Recent developments include:

  • The Financial Crime Coordination Centre co-leading a report on money laundering from synthetic opioids, highlighting the need for continued collaboration and capacity building.
  • The RCMP launching an Integrated Money Laundering Investigative Team to combat financial crimes.
  • The Government of Canada consulting on strengthening corporate beneficial ownership transparency in Canada and reviewing its anti-money laundering and anti-terrorist financing regime.

Conclusion

By staying vigilant and working together, Canadians can help prevent money laundering and protect their country’s economic stability and national security.