Canada’s financial intelligence agency, FINTRAC, has recently updated its anti-money laundering (AML) strategies to address the growing issue of synthetic opioid-related money laundering. This update comes as a response to the increasing use of cryptocurrencies in illicit activities, particularly in the drug trade.

The use of cryptocurrencies, such as Bitcoin, has made it easier for criminals to launder money and evade detection. This is especially true in the case of synthetic opioids, which are highly addictive and have been responsible for a significant number of deaths in Canada and around the world.

FINTRAC’s updated AML strategies highlight the need for increased vigilance and cooperation among financial institutions, law enforcement agencies, and other stakeholders in the fight against money laundering. The agency emphasizes the importance of identifying and reporting suspicious transactions, particularly those involving cryptocurrencies.

One of the key changes in FINTRAC’s updated strategies is the inclusion of virtual currency exchanges and other cryptocurrency service providers as reporting entities. This means that these entities are now required to comply with AML regulations and report any suspicious transactions to FINTRAC.

The agency also stresses the importance of conducting thorough due diligence on customers, especially those involved in high-risk activities such as the drug trade. This includes verifying the source of funds and monitoring transactions for any red flags.

In addition to these measures, FINTRAC is also working closely with international partners to combat money laundering and terrorist financing. This includes sharing information and intelligence to identify and disrupt criminal networks involved in the drug trade and other illicit activities.

Overall, FINTRAC’s updated AML strategies demonstrate the agency’s commitment to staying ahead of emerging threats and adapting to the changing landscape of financial crime. By addressing the role of cryptocurrencies in money laundering, Canada is taking a proactive approach to combatting this growing issue and protecting its citizens from the devastating effects of synthetic opioids.