Canada enhances supervision on digital currency transactions to combat money laundering
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has recently issued a warning indicating how digital assets are being used for money laundering and illegal drug trafficking-related illicit funds. This alert updates the 2018 report and includes new risk indicators extracted from detailed financial data analysis, transaction patterns, and law enforcement information. The institution emphasizes the need for broader collaboration among Virtual Asset Service Providers (VASPs), regulatory bodies, and financial institutions to identify and prevent illegal financial flows.
