FINTRAC’s Key Role in Foiling Organized Crime Groups

Combating Organized Crime with Financial Intelligence

A recent investigation has led to charges against seven individuals for laundering proceeds of crime and participating in a criminal organization, highlighting the crucial role played by the Financial Intelligence Unit (FINTRAC) in combating organized crime.

FINTRAC’s Instrumental Role in Uncovering Drug Trafficking Operation

According to authorities, FINTRAC’s financial intelligence was instrumental in uncovering a significant drug trafficking operation in Yukon, which involved the trafficking of opioid substances. The investigation, known as Project Monterey, resulted in eight arrests and the seizure of over $16 million in assets, including cash, real estate, and vehicles.

FINTRAC’s data analysis and sharing with law enforcement agencies have been instrumental in dismantling organized crime groups that use financial systems to launder their illegal proceeds. In 2022-23, FINTRAC received over 2,550 voluntary information records from law enforcement and national security agencies, as well as the public, which are used to establish connections between individuals and entities and develop actionable financial intelligence.

Collaboration with Private Sector Partners

The organization’s collaboration with private sector partners has also been key in tackling illegal activities. In 2022-23, FINTRAC provided over 569 disclosures of actionable financial intelligence to law enforcement agencies as part of seven public-private partnerships aimed at combating money laundering, human trafficking, online child sexual exploitation, and other crimes.

Notable Examples

Project Anton: A public-private partnership launched in January 2023 to combat illegal wildlife trade. This project aims to increase awareness of the issue and improve detection of laundered proceeds from this crime.
Fraudulent Funds Investigation: FINTRAC’s work contributed to an investigation involving over $1 million in fraudulent funds obtained through the Canada Small Business Financing Program. Three individuals were charged with various offenses related to money laundering, fraud, and providing false documents.

Conclusion

These successes demonstrate FINTRAC’s critical role in supporting law enforcement agencies in their efforts to disrupt and dismantle organized crime groups. By working together, we can better combat these threats to our communities and economy.