Financial Crime Investigation Methods in Canada Under Spotlight at Spin Cycle Conference

======================================================

Canada’s financial crime investigation methods have been scrutinized as authorities work to combat money laundering and other financial crimes. The Financial Crime Coordination Centre (FC3) held its second annual Spin Cycle conference, bringing together over 1,000 investigators, prosecutors, and experts from across the country.

Event Highlights

• Focused on emerging issues, best practices, and innovative solutions in fighting financial crime
• Agenda informed by the Anti-Money Laundering (AML) community
• 18 presentations covering topics such as:
  • Asset recovery
  • Information sharing
  • Canada Financial Crimes Agency (CFCA)

FC3 Initiative

• Five-year pilot initiative to strengthen Canada’s response to complex and fast-moving financial crimes
• Launched Knowledge Hub Portal, providing access to key resources and subject matter experts

Government Investments

• Invested $319.9 million since 2019 in strengthening the federal AML/ATF Regime
  • Enhanced data resources
  • Financial intelligence
  • Information sharing
  • Investigative capacity to support money laundering investigations in Canada

RCMP Initiatives

• Received $98.9 million to strengthen Federal Policing capacity, including dedicated positions for:
  • Investigating money laundering
  • Proceeds of crime

Future Plans

• Commitment to developing a new CFCA, which will become the lead federal enforcement entity responsible for investigating complex financial crimes
• Accelerated commitment to implement a public and searchable beneficial ownership registry by the end of 2023 to counter the misuse of anonymous Canadian companies for money laundering, tax evasion, and other financial crimes.