"The fact we're actually seeing the creation [of a] new enforcement agency is a meaningful investment and hopefully signals the understanding of the seriousness of the challenge."
"Canada has nearly 4,000 cryptocurrency ATMs, the most per capita in the world, which officials say have been used by scammers to defraud victims."
"Last year, the agency uncovered $45bn in transactions from money laundering, counterterrorist financing, sanctions and evasion disclosures."
"It's a figure that could be too high or far too low; we just don't fully know the scope of financial crime in this country."
Canada is creating a Financial Crimes Agency (FCA) to investigate and prosecute financial crimes, addressing a lack of cohesive strategy against money laundering. The legislation, introduced by the governing Liberals, is expected to pass quickly due to their parliamentary majority. Additionally, Canada will ban cryptocurrency ATMs, which have been exploited by criminals. The existing financial intelligence unit, Fintrac, reported $45 billion in suspicious transactions last year, highlighting the unknown scope of financial crime in the country.
Read at www.theguardian.com
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