Canada Regulator Announces it Will Monitor Crypto Transactions to Fight Drugs Trafficking

News
Reading Time: < 1 minute

Canada’s financial intelligence agency, FINTRAC, has released a new alert highlighting the use of cryptocurrencies in laundering proceeds from synthetic fentanyl and opioid trafficking.

Published on Jan. 23, the alert includes updated client risk factors and indicators to combat the money laundering of illicit funds related to Canada’s drug problem.

The agency’s analysis of financial intelligence, transactions, publications, and law enforcement reports has resulted in new risk factors being identified.

The alert, titled “Laundering the proceeds of illicit synthetic opioids,” also addresses the growing involvement of cryptocurrency in laundering profits from synthetic opioid sales.

FINTRAC has advised law enforcement agencies to be cautious of large conversions from crypto to fiat involving newly created accounts and multiple virtual wallets to conceal the source of the transactions.

They have also highlighted the need to monitor deposits into crypto exchanges from accounts associated with high-risk regions or previously flagged for suspicious activity.

If you like our content and want to support us, please follow us on X, Facebook and Instagram and don’t miss the latest news!