Title: “Battle Against Money Laundering: Canadian Government’s $404 Million Crusade to Fortify Financial System”
Money laundering, a clandestine activity that disguises the ill-gotten origins of funds, is a significant threat to Canadians’ safety and the global economy. Criminal organizations often use laundered funds to fuel illicit activities, including corruption, fraud, human trafficking, and drug and arms trades.
The Canadian government is taking action to combat money laundering by investing over $400 million since 2019 to strengthen the country’s Anti-Money Laundering (AML) and Terrorist Financing Regime. Some of the significant investment areas include:
- Modernizing AML laws
- Bolstering inter-agency cooperation and information sharing
- Equipping law enforcement with essential tools and expertise
A Pivotal Hub: Financial Crime Coordination Centre (FC3)
One key component of the government’s efforts to strengthen inter-agency collaboration is the Financial Crime Coordination Centre (FC3), a five-year pilot project led by Public Safety Canada. The government allocated $24 million to establish FC3 in 2019. Some of the services provided by this center include:
- Training and expertise development
- Analysis of emerging money laundering threats and responses
- Legislative and policy initiatives
- Knowledge sharing on enforcement tools and resources
- Providing partner support and best-practice resources
FC3 Knowledge Hub Portal
The FC3’s Knowledge Hub is an exclusive, online collaboration space designed for professionals from all levels of government dealing with money laundering and other financial crimes, especially those in investigative or enforcement roles. The portal provides access to key resources and keeps members informed about AML efforts across Canada, offering practical information for investigators, prosecutors, and other professionals involved in the fight against financial crime.
2024 Spin Cycle Conference: A Success
The recent Spin Cycle conference, held in 2024, attracted over 1350 registrants, with over 300 in-person attendees. Presentation videos are currently being developed and will be made available on the FC3 Knowledge Hub Portal soon.
Reporting Suspected Financial Crimes
The Financial Crime Coordination Centre (FC3) serves as a resource hub for Canadian AML professionals and does not conduct investigations. To report suspected financial crimes, please refer to the following resources:
- Contact FC3
- Other reporting channels
Stay Informed: Relevant News and Reports
Strengthening Canada’s response to financial crime
Financial Crime Coordination Centre leads FATF report on money laundering from synthetic opioids
Modernizing Canada’s anti-money laundering regime via collaboration and capacity building
RCMP Integrated Money Laundering Investigative Team charges Money Services Business owner
RCMP teams gearing up to battle money laundering
Government of Canada invests $98.9M over five years to modernize the RCMP and combat money laundering and seize proceeds of crime
Government of Canada leads the national response to money laundering and terrorist financing: consultation on strengthening corporate beneficial ownership transparency in Canada
FINTRAC Operational Alerts
Last updated: March 27, 2024.
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