FINTRAC publishes money laundering indicators related to extortion
FINTRAC
FINTRAC published today a new Special Bulletin on money laundering associated with extortion directed at Canada’s South Asian diaspora to help businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) detect extortion and report suspicious transactions and listed person or entity property reports to the Centre. Extortion is a serious criminal activity that poses a significant threat to Canadians, Canadian businesses and Canadian communities and generates substantial profits for organized crime that are often laundered through the financial system. For some Canadians and Canadian businesses, extortion has become an unacceptable reality of everyday life – one that brings fear, intimidation and violence to families and communities, fundamentally undermining Canadians’ sense of safety.
