OTTAWA: Canada’s anti-money laundering agency, the Financial Transactions and Reports Analysis Centre of Canada (Fintrac), has handed over more than 100 financial intelligence disclosures to support investigations against illicit opioids, including Fentanyl.
This move is a significant step in the agency’s efforts to curb the flow of the drug, which is the primary driver of Canada’s severe overdose crisis. Fintrac identified illegal transactions by scrutinizing millions of data points obtained from financial institutions, casinos, and real estate brokers. The information was subsequently transferred to law enforcement and security institutions, including the RCMP and Canada’s spy agencies.
The agency intensified its operations after the U.S. administration expressed concern over the flow of Fentanyl originating from Canada. Fintrac had previously established a specialized team to rapidly provide intelligence on opioid cases and financial transactions involving international criminal organizations.
Beyond opioids, this intelligence has proven valuable in money laundering investigations related to other serious crimes, including human trafficking, auto theft, and terrorism.
Fintrac Director Sarah Paquet reported that following the detection of legal violations, the agency issued 23 notices last year and imposed over $25 million in administrative monetary penalties.
