"The federal finance minister visited Mississauga, Ont., Thursday to announce dedicated financial intelligence experts who will focus on extortion crime targeting Canadian businesses and households. The move comes as Brampton and Caledon, Ont., mayors called on the federal government to help create a multi-jurisdictional strategy to combat what they say are rising extortion threats towards businesses in their cities, particularly South Asian ones. It also follows a pair of summits in Brampton and Surrey, B.C., to hear about how threats of violence are affecting communities."
"The country's Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) will work closely with local law enforcement and prioritize receiving more timely and relevant financial intelligence to identify criminal networks and support investigations, Champagne said. In a news release Thursday, the government also announced the launch of a partnership between FINTRAC and Canadian banks, credit unions and financial service providers, including cryptocurrencies, to enhance information sharing and provide clear guidance on how to detect extortion transactions."
"According to Peel Regional Police, a total of 476 extortion crimes were reported in Peel Region last year. There have been at least 41 incidents of extortion in Caledon since December 2023 that appear to share a similar pattern, according to Ontario Provincial Police. Generally, victims would receive calls and messages threatening violence unless victims pay a ransom, with the perpetrators often knowing where they live"
Dedicated financial intelligence experts will focus on extortion targeting Canadian businesses and households. A multi-jurisdictional approach will follow financial trails to identify criminal networks and support investigations. FINTRAC will work with local law enforcement and publish intelligence on laundering methods. A partnership between FINTRAC and Canadian banks, credit unions and financial service providers, including cryptocurrencies, will enhance information sharing and provide guidance to detect extortion transactions. Regional statistics show significant extortion activity, with 476 reported incidents in Peel Region last year and at least 41 similar-pattern incidents in Caledon since December 2023. Victims typically receive threats of violence demanding ransom.
Read at www.cbc.ca
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