The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has been tasked by the Government of Canada to strengthen the detection, disruption and prevention of extortion by increasing the timeliness and usefulness of financial intelligence shared with law enforcement, with a focus on the most affected areas including Ontario, British Columbia and Alberta. Measures include a resource surge within FINTRAC dedicated to extortion-related intelligence production, the launch of a Countering Extortion Partnership with Canadian banks, credit unions and virtual asset service providers, and closer coordination with partners including the Office of the Superintendent of Financial Institutions, the Royal Canadian Mounted Police and local police where applicable. FINTRAC will also assign liaison officers to work directly with local law enforcement, issue a Targeted Indicator Profile to guide financial institutions on identifying and reporting suspected extortion-linked transactions, and publish strategic intelligence on how extortion proceeds are laundered, including indicators and typologies. The announcement is framed as part of broader federal efforts against organized and financial crime, including Budget 2025 proposals to establish a new Canada Financial Crimes Agency, with legislation intended to be introduced by spring 2026.

Original source View in tracker