Financial Crime World

Financial Crime Prevention Best Practices in Canada: Experts Gather to Combat Money Laundering Threats

OTTAWA - A recent weeklong virtual conference brought together over 850 investigators, prosecutors, and experts from across Canada to discuss anti-money laundering enforcement efforts. The Financial Crimes Coordination Centre (FC3) hosted the event, marking a significant step towards strengthening Canada’s Anti-Money Laundering Regime.

Key Areas of Discussion

  • COVID-19’s impact on money laundering trends
  • Sophisticated money laundering tactics using virtual currency
  • Information sharing and investigational challenges
  • Prosecutorial perspectives and lessons learned

The gathering concluded with a renewed sense of determination to improve enforcement outcomes.

Government Support for Combating Financial Crime

Canada’s Government has committed significant resources to combating financial crime, providing over $220 million since 2019. This funding supports:

  • Modernizing legislation
  • Strengthening inter-agency cooperation and information sharing
  • Equipping law enforcement with the necessary tools and expertise

The FC3, operational since 2021, will coordinate support to investigators and prosecutors across jurisdictions, signaling a crucial step in combating financial crime.

Additional Initiatives

  • The Government has committed $98.9 million to strengthening the Royal Canadian Mounted Police’s Federal Policing capacity, including $19.8 million for integrated enforcement teams dedicated to investigating money laundering and proceeds of crime.
  • Budget 2021 committed to implementing a publicly accessible corporate beneficial ownership registry by 2025, enhancing Canada’s ability to identify and prosecute those attempting to launder money or commit complex financial crimes.

Ministerial Statement

“Canada is committed to working with its partners to ensure ongoing collaboration on issues of joint concern and responsibility,” said Minister of Public Safety Marco Mendicino. “As a former crown prosecutor, I understand the immense complexity of money laundering cases and the importance of coordination across agencies.”

Conclusion

The conference’s conclusion emphasizes the need for continued cooperation among experts to develop tools and resources necessary to counter evolving financial crime threats.