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Money Laundering in Canada: A Serious Crime Threatening Safety and Security
Money laundering is a significant criminal activity that poses a threat to Canadians’ well-being, financial stability, and national security. This illegal process involves concealing the source of funds or assets derived from illicit activities, such as drug trafficking, human smuggling, and corruption.
Criminal organizations rely heavily on laundered money to fuel their illegal operations, which can have devastating consequences for communities across Canada. The government has recognized the gravity of this issue and is taking decisive action to combat it.
Government Initiatives
Since 2019, the Government of Canada has invested a significant amount in strengthening its anti-money laundering regime. This includes allocating $319.9 million in initial funding and an additional $48.8 million for ongoing efforts. Key areas of focus include:
- Modernizing anti-money laundering laws
- Strengthening inter-agency cooperation and information sharing
- Providing law enforcement agencies with the necessary tools and expertise to investigate money laundering activities
Financial Crime Coordination Centre (FC3)
The FC3 is a five-year pilot project led by Public Safety Canada, which received $24 million in funding. This initiative brings together anti-money laundering professionals from various jurisdictions to share knowledge, resources, and best practices.
Knowledge Hub Portal
The FC3’s Knowledge Hub Portal is an online platform that connects professionals working in the field of money laundering and financial crimes. The portal provides access to key resources, raises awareness about anti-money laundering efforts across Canada, and offers practical information to aid investigators and prosecutors.
Reporting Suspected Financial Crimes
While the FC3 serves as a hub for anti-money laundering professionals, it is not an investigative unit. To report suspected financial crimes, individuals should refer to the resources provided below:
Staying Informed
Stay up-to-date on the latest developments in Canada’s fight against money laundering by following our news and reports section. This includes updates on government initiatives, law enforcement actions, and industry developments.
Date modified: March 27, 2024