Financial crime investigators and prosecutors collaborate on latest money laundering threats

OTTAWA, ON, Feb. 27, 2025 /CNW/ - Today marks the conclusion of a three-day meeting of more than 1,400 anti-money laundering investigators and prosecutors from across Canada's public sector, as well as representatives from the United States. The annual gathering aims to build a greater common understanding of the latest financial crime threats and tactics.

This year's meeting builds on recent actions the Government of Canada has taken through its $1.3 billion Border Plan to ramp up efforts to combat organized crime, fentanyl trafficking and money laundering. This includes Canada's newly appointed  Fentanyl Czar; a Canada-United States Joint Strike Force; an intelligence directive on organized crime and fentanyl, backed up by $200 million to increase law enforcement's information sharing capacity; the listing of seven transnational criminal organizations largely responsible for fentanyl pouring into our communities; and the launch of a new intelligence partnership made up of key players from Canada's big banks and law enforcement.

Discussions centered on current money laundering schemes used by organized crime, including crypto- and Artificial Intelligence (AI)-enabled fraud and trade-based money laundering, as well as asset recovery and prevention. Participants also updated on key enforcement actions, legal proceedings and emerging trends in their respective jurisdictions.

Supporting enhanced collaboration and permissible information-sharing across law enforcement agencies, prosecutorial services, financial institutions and high-risk businesses is integral to the government's plan to bolster its response to money laundering and organized crime, strike back against the illegal fentanyl trade and bring perpetrators to justice.

To conclude the meeting, government officials reiterated Canada's intention to use its 2025 G7 Presidency to highlight the threats from illicit finance and propose the development of a call to action by the G7 Finance Ministers to address criminal activity that impacts the financial sector and national security.

Quotes

"Canadian law enforcement work tirelessly to identify and cut off illicit proceeds which are the lifeblood of transnational organized crime. Through strong collective action we are doing more than ever to combat organized crime, protect Canadians' livelihoods, secure our border and bring the perpetrators of these crimes to justice."

- The Honourable David J. McGuinty, Minister of Public Safety

Quick Facts

• On February 3, the Prime Minister announced the creation of a Joint Canada-U.S. Strike Force to combat organized crime, fentanyl trafficking, and money laundering.
• The Prime Minister also issued a Directive on Transnational Crime and Border Security on February 4 with $200 million of supportive funding, recognizing the urgency of combatting the transnational organized crime groups who have become major enablers in the accelerating fentanyl crisis. 
• One of the core objectives of the Directive is to increase intelligence production and sharing and enhancing cooperation to disrupt drug trafficking by these transnational criminal organizations.
• On February 11, the Prime Minister announced the appointment of Kevin Brosseau as Canada's new Fentanyl Czar. Mr. Brosseau will work closely with U.S. counterparts and law enforcement agencies to accelerate Canada's ongoing work to detect, disrupt, and dismantle the fentanyl trade. 
• On February 13 the Honourable David McGuinty, Minister of Public Safety, met virtually with his federal, provincial, and territorial counterparts to discuss ongoing work to address border security.
• On February 20 the government launched a new Integrated Money Laundering Intelligence Partnership (IMLIP) to support the sharing of money laundering and organized crime information between Canada's big banks and law enforcement.
• On February 20 the government announced the listing of seven transnational criminal organizations, including cartels, as terrorist entities under the Criminal Code to help keep fentanyl off Canadian streets and prevent it from entering the United States. A terrorist listing means any property of that group in Canada can be frozen and gives Canadian law enforcement more tools to prosecute terrorist offences, including those related to financing, travel and recruitment. This listing enhances domestic law enforcement capabilities, while respecting other countries' sovereignty and territorial integrity.
• Over the last five years, the government has invested over $379 million to strengthen the effectiveness of Canada's Anti-Money Laundering/Anti-Terrorist Financing Regime, and made or is making legislative and regulatory changes, including by providing new tools to law enforcement, adding new criminal offenses and strengthening penalties, enhancing information sharing, expanding the Regime to new sectors at risk of money laundering, and providing the Canada Border Services Agency with new authorities to pursue trade-based money laundering.
• In January 2024, the government also launched a public, searchable beneficial ownership registry for federal corporations to make it harder for organized crime groups and other criminals to use shell corporations to hide proceeds of crime. 
• Spin Cycle launched in 2021 as the first public sector large-scale meeting of anti-money laundering/financial crime professionals.
• The event is organized by Public Safety Canada's Financial Crime Coordination Centre (FC3). Established in 2019, FC3 supports AML enforcement partners through: legislative and policy initiatives; enhancing training and expertise development; and operational support and guidance.

Associated links

• Government of Canada lists seven transnational criminal organizations as terrorist entities
• Government launches new intelligence sharing partnership focused on fentanyl trafficking and other criminal use of funds
• Federal, Provincial, and Territorial Ministers meet to discuss border security, fentanyl, and organized crime
• Prime Minister announces the appointment of Canada's new Fentanyl Czar
• Prime Ministerial Directive on Transnational Crime and Border Security
• Strengthening Border Security
• 2024 Fall Economic Statement 
• FINTRAC publishes money laundering indicators aimed at combatting fentanyl and other illegal synthetic opioids
• Financial Crime Coordination Centre Co-leads Financial Action Task Force Report on Money Laundering from Synthetic Opioids
• Financial Crimes

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SOURCE Public Safety and Emergency Preparedness Canada

Contacts: Alice Hansen, Director of Communications, Office of the Honourable David J. McGuinty, Minister of Public Safety, [email protected]; Media Relations, Public Safety Canada, 613-991-0657, [email protected]