Financial Crime World

Global Efforts to Combat Money Laundering and Terrorist Financing

Canada plays a vital role in addressing the global threats of money laundering and terrorist financing by working closely with international organizations and key allies to combat these complex and evolving security challenges.

Key International Partnerships

Canada collaborates with a range of international organizations and bodies, including:

  • Financial Action Task Force (FATF): sets standards for combating money laundering and terrorist financing
  • FINTRAC: Canada’s financial intelligence unit, which collects and analyzes data to combat financial crime
  • Canadian Anti-Fraud Centre: provides strategic intelligence on emerging fraud trends

National Security Context

Canada’s national security framework prioritizes protecting the safety and security of Canadians at home and abroad. AML/ATF measures are integrated into this broader framework, recognizing that criminal activity often enables hostile activities by state actors, cyber threats, and other national security risks.

Money Laundering and Terrorist Financing Threats

Canada’s threat environment is constantly evolving, with new methods emerging to launder money and finance terrorism. FINTRAC publishes strategic intelligence reports to promote awareness of emerging risks and provide guidance on combating these illicit activities.

  • Recent assessments have identified a broad range of profit-oriented crime in Canada, generating billions of dollars in illegal proceeds annually that may be laundered.
  • The terrorism threat landscape is complex and diverse, with smaller-scale attacks becoming more common.

National Inherent Risk Assessment

The National Inherent Risk Assessment (NIRA) is a comprehensive whole-of-government initiative that assesses inherent money laundering and terrorist financing risks faced by key sectors and products within the Canadian economy. The 2023 NIRA update identified transnational organized crime groups and professional money launderers as the primary money laundering threat actors in Canada.

By working together with international partners and leveraging cutting-edge intelligence, Canada is better equipped to combat the evolving threats of money laundering and terrorist financing, protecting its citizens and interests at home and abroad.