Financial Crime World

Waking Up to the Reality of Financial Crime: Awareness and Prevention in Canada

(Montreal, Quebec) - Money laundering and financial crimes are becoming a serious concern for Canadians, pose threats to safety and the economy. Awareness and prevention measures are more crucial than ever.

Alarming Statistics

A recent report by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) revealed:

  • A 21% increase in suspicious transaction reports from fiscal year 2019 to 2020.

Government Initiatives

Public Safety Canada and its partners have taken proactive steps to raise awareness and mitigate the risks:

Legislative Efforts

  • The Proceeds of Crime (Money Laundering) and Terrorist Financing Act sets out requirements for reporting entities.
  • Reporting entities are obliged to identify and report any suspicious transactions.
  • Introduces administrative monetary penalties for non-compliance.

Collaborative Approach

Public Safety Canada engages with various stakeholders in the financial sector to promote a shared understanding of the risks and effective responses.

Industry Initiatives

Financial institutions are taking their responsibilities seriously:

  • Bank of Montreal commits CAD $100 million over the next five years to combat financial crime in Canada.
  • Funds allocated to support innovation and development of technology for detection and prevention.

NGO Initiatives

Non-governmental organizations are instrumental in increasing awareness and education:

  • Transparency International Canada and the Canadian Anti-Fraud Centre advocate for stronger measures and provide resources to the public.

Continued Efforts

Despite progress made, continued efforts are required to combat financial crimes effectively:

  • Stay informed and vigilant - staying aware of risks and understanding prevention mechanisms can make a significant difference in keeping Canadians safe and protecting the economy.

For more information, visit the National Security and Border Strategies sections on the Public Safety Canada website or contact FINTRAC for guidance and resources.