Financial Crime World

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Financial Crime Definition in Canada: A Growing Concern

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Money laundering has emerged as a significant threat to Canadians’ safety, security, and quality of life. This illegal practice involves disguising the source of funds or assets obtained through illicit means, enabling criminal organizations to fuel other harmful activities such as corruption, fraud, human trafficking, and drug trade.

Government Response

The Government of Canada is taking a stern approach to tackle this complex issue, which has received $319.9 million in funding since 2019. The allocation aims to strengthen the Anti-Money Laundering and Terrorist Financing Regime through various initiatives:

  • Modernizing anti-money laundering laws
  • Enhancing inter-agency cooperation and information sharing
  • Equipping law enforcement agencies with necessary tools and expertise to support investigations

Financial Crime Coordination Centre (FC3)

The FC3, a five-year pilot project led by Public Safety Canada, plays a vital role in addressing money laundering. Launched in 2019 with $24 million funding, FC3 brings together anti-money laundering experts from across jurisdictions to share knowledge, expertise, and resources.

Knowledge Hub Portal

The centre’s Knowledge Hub Portal serves as an online collaboration space for professionals working on financial crimes, providing access to key resources, training, and best practices. The portal aims to raise awareness of anti-money laundering efforts and support investigators, prosecutors, and other professionals in their work.

Reporting Suspected Financial Crimes

To report suspected financial crimes, Canadians can refer to the resources provided by FC3. The centre is not an investigative unit but serves as a hub for coordinating efforts against money laundering.

Government Commitment and Results

The Government’s commitment to combating financial crime has yielded notable results, with recent initiatives including:

  • Strengthening Canada’s anti-money laundering regime
  • Investing $98.9 million over five years to modernize the Royal Canadian Mounted Police (RCMP) and enhance its capabilities in fighting money laundering

Staying Informed

As the fight against financial crime continues, Canadians can stay informed through FC3’s news and reports section, which features updates on ongoing efforts, investigations, and initiatives.