Canada will monitor cryptocurrency transactions related to drug money

2025-01-24 20:24:38

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ChainCatcher news, the Financial Transactions and Reports Analysis Centre of Canada updates its anti-money laundering strategy, emphasizing the role of cryptocurrency in combating money laundering related to synthetic opioids.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) reminds law enforcement agencies to pay attention to the increasing role of cryptocurrency in the money laundering of synthetic opioid sales. Warning signs include large cryptocurrency exchanges for fiat currency, the use of multiple virtual wallets to obscure the source of transactions, and deposits from accounts in high-risk areas.

Additionally, law enforcement agencies are urged to monitor cryptocurrency exchange deposits from accounts associated with high-risk areas or previously flagged for suspicious activities.

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