Financial Crime Centre Co-Authors FATF Report on Money Laundering from Opioids

Public Safety Canada

Canada continues to face an ongoing overdose crisis, fueled by a toxic illegal drug supply. This is a devastating global trend that has sadly taken a tragic toll on the people who use substances, their families, loved ones and communities across the country and around the world.

In its first ever report on money laundering from powerful synthetic opioids like illegal fentanyl, the Financial Action Task Force (FATF) exposes how organized crime groups use a range of methods to launder proceeds from the illegal drug trade and clandestine production and the global supply chains that enable it. These tactics include bulk cash smuggling, cash couriers, trade-based money laundering (TBML) and virtual assets (crypto), as well as shell companies and the services of professional money launderers.

Co-led by Canada, through the Financial Crimes Coordination Centre (FC3), and the United States, the FATF report demonstrates how financial experts are working together in an increasingly complex financial world to understand and stem the flow of illicit proceeds fueling the highly toxic illegal drug supply and help save lives.

Money laundering not only threatens the integrity and stability of the financial sector and broader economy, it also harms Canadians’ safety, security and quality of life. This report provides actionable information for law enforcement, regulators and the private sector to respond to substance-related harms and build safer, healthier communities.

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