Financial Crime World

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Canada Plays Leading Role in Global Efforts to Combat Money Laundering and Terrorist Financing

OTTAWA, ON - Canada’s domestic efforts to combat money laundering and terrorist financing are strengthened by its prominent role in global initiatives to prevent these illegal activities.

A Founding Member of the Financial Action Task Force (FATF)

As a founding member of the Financial Action Task Force (FATF), an inter-governmental body that sets international standards to prevent money laundering, terrorist financing, and the proliferation of weapons of mass destruction, Canada has long been at the forefront of global efforts to combat these threats. The country will assume the Vice- Presidency of the FATF for a period of two years beginning in July 2023.

International Partnerships

Canada is also an active member of various other international organizations and partnerships, including:

  • Egmont Group of Financial Intelligence Units
  • Five Eyes partnership
  • Global Coalition against Da’esh Counter ISIL Finance Group

These partnerships enable Canada to share information, coordinate efforts, and support its international partners in combating money laundering and terrorist financing.

Regional Cooperation

The Canadian government has also been working closely with regional bodies such as:

  • Caribbean Financial Action Task Force (CFATF)
  • Asia/ Pacific Group on Money Laundering (APG)

Canada’s cooperation with these organizations helps to monitor, influence, and support the AML/ATF activities and efforts of member countries in regions of strategic interest to Canada.

Strengthening Domestic Regime

In addition to its international partnerships, Canada has also been working to strengthen its domestic AML/ATF regime. The National Inherent Risk Assessment (NIRA) is a key tool used by the government to:

  • Understand ongoing money laundering and terrorist financing trends and methods
  • Inform new policy responses
  • Provide risk information to industry

Recent Threat Assessments

Recent assessments of the money laundering threat in Canada have demonstrated that there is a broad range of profit-oriented crime conducted by a variety of threat actors in the country. These criminal activities generate billions of dollars of illegal proceeds annually that may be laundered.

Government Response

In response to these threats, the Canadian government has been taking a number of steps to strengthen its AML/ATF regime, including:

  • Introducing new legislation and regulations
  • Increasing funding for law enforcement and financial intelligence agencies
  • Enhancing international cooperation

The government’s efforts are also focused on addressing the growing threat posed by terrorist financing. The National Inherent Risk Assessment (NIRA) has identified transnational organized crime groups and professional money launderers as key threat actors in this area.

Conclusion

Overall, Canada’s commitment to combating money laundering and terrorist financing is reflected in its leading role in global initiatives and its efforts to strengthen its domestic AML/ATF regime.