Title: Financial Crime Crackdown - FATF Report on Synthetic Opioid Money Laundering in Canada
Subheading: A Coordinated Effort to Combat Money Laundering from Deadly Synthetic Opioids
December 12, 2022
Canada is grappling with an ongoing overdose crisis driven by a toxic illegal drug supply. Public Safety Canada reported today that this devastating global trend is claiming lives and communities across the country and around the world. The Financial Crime Coordination Centre (FCCC) of Canada has co-led a Financial Action Task Force (FATF) report on money laundering from synthetic opioids.
Investigating Synthetic Opioid Money Laundering
The FCCC and FATF partners worked together to investigate and expose how money from the production, sale, and distribution of deadly synthetic opioids is laundered, often through intricate networks, international transactions, and digital currencies.
“Money laundering from toxic illegal drugs is not only a criminal enterprise that harms Canadians but poses a serious threat to our national security. Combatting this issue requires a coordinated and strategic approach that is both agile and comprehensive.”
- Bill Blair, Minister of Public Safety and Emergency Preparedness, Canada
Measuring Up against Money Laundering Risks
The report outlines several measures being taken to mitigate money laundering risks related to synthetic opioids, along with recommendations for governments and financial institutions to strengthen their efforts in identifying and preventing these transactions.
- Government Measures: Collaboration between the FCCC and FATF to target the financial networks behind these criminal operations and save lives and protect vulnerable Canadians from the illegal drug trade.
- Financial Institution Recommendations: Enhanced customer due diligence, increased regulatory scrutiny, and transaction monitoring for suspicious activity related to synthetic opioids.
Saving Lives and Protecting Communities
This collaboration between the FCCC and FATF is part of Canada’s ongoing commitment to addressing the root causes of the illegal drug crisis and supports the Government of Canada’s goal of creating healthier and safer communities.
By taking a comprehensive approach to address both the supply- and demand-side of this issue, the FCCC and its partners aim to reduce harms and minimize the loss of lives due to these dangerous substances.
An International Push for Change
Canada’s commitment to combating money laundering from illegal drugs is part of a larger international push to address this issue. The FATF’s continued efforts to tackle money laundering from synthetic opioids reflect the importance of international cooperation to curb the financing of these criminal enterprises, keep communities safe, and save countless lives.