Criminal cryptocurrency use
The Canadian Press – Dec 4, 2023 / 11:27 am | Story: 460675
Picture: The Canadian Press
Canada’s financial intelligence agency says it expects to see criminals enhance their use of cryptocurrency to increase, transfer and conceal funds outdoors the normal banking system. Bitcoin is on the market at an Automated Teller Machine on the Westfield Backyard State Plaza shopping center in Paramus, New Jersey, on March 13, 2023. THE CANADIAN PRESS/AP-Ted Shaffrey
Canada’s financial intelligence agency says it expects to see criminals enhance their use of cryptocurrency to increase, transfer and conceal funds outdoors the normal banking system.
In its newly launched annual report, the Financial Transactions and Stories Evaluation Centre of Canada notes it has been creating strategic intelligence on the function digital belongings play in cash laundering and terrorist financing.
The agency, often known as Fintrac, says essentially the most prevalent type of cash laundering involving digital currencies is the motion of proceeds of fraud and ransomware assaults.
Fintrac identifies cash linked to illicit actions by electronically sifting thousands and thousands of items of data annually from banks, insurance coverage corporations, cash companies companies, securities sellers, actual property brokers, casinos and others.
In flip, it discloses intelligence to police and different legislation-enforcement companies in regards to the suspected instances.
Fintrac’s report warns that the use of unregistered cash companies companies continues to pose challenges for these in search of to detect cash laundering and terrorist financing by way of conventional financial channels.