Financial Crime World

Financial Crime Prevention Best Practices in Canada

Money laundering has been a growing concern for authorities in Canada, compromising the safety and security of Canadians. This serious crime disguises the origin of funds derived from illegal sources, fueling other criminal activities such as corruption, fraud, human trafficking, and drug trade.

Combating Money Laundering with Government Support

To combat this threat, the Government of Canada has committed significant resources to strengthen its anti-money laundering (AML) and terrorist financing regime. Since 2019, the government has allocated:

  • $319.9 million in initial funding
  • An additional $48.8 million annually to support AML efforts

Key Areas of Investment

The key areas of investment include:

  • Modernizing AML laws
  • Enhancing inter-agency cooperation and information sharing
  • Equipping law enforcement with tools and expertise to facilitate investigations

The Financial Crime Coordination Centre (FC3)

The FC3, a five-year pilot initiative led by Public Safety Canada, plays a crucial role in these efforts. With $24 million in government funding, FC3 brings together AML professionals from across jurisdictions to share:

  • Training
  • Analysis
  • Legislative guidance
  • Best practices

Knowledge Hub Portal

FC3’s Knowledge Hub Portal is an online platform that provides access to key resources for anti-money laundering professionals, including:

  • Investigators
  • Prosecutors
  • Enforcement officials

The portal connects members to vital information and raises awareness of AML efforts nationwide.

Annual Spin Cycle Conference

FC3 also hosts the annual Spin Cycle conference, which attracts hundreds of registrants from across Canada. The 2024 event saw over 300 in-person attendees, with videos of presentations soon to be available on the FC3 Knowledge Hub Portal.

Reporting Suspected Financial Crimes

For those seeking to report suspected financial crimes, resources are available through FC3 and other law enforcement agencies.

Strengthening Canada’s Response to Financial Crime

The Government of Canada is committed to strengthening its response to financial crime, and FC3 is at the forefront of this effort. By fostering collaboration and capacity-building among AML professionals, FC3 helps ensure that Canada remains a global leader in combating money laundering and terrorist financing.