Up next in 10
The Impact of Money Laundering on Canada: Tracking Criminal Profits and Cyber Attacks
Jun 12, 2024
Uncovering the Fintrac Hack: Impact on Canadian Companies and the Fight Against Money Laundering
Show More Show Less View Video Transcript
0:00
it's estimated billions of dollars in
0:03
dirty money are laundered in Canada
0:05
every year profits from organized crime
0:07
like car thefts the opioid crisis and
0:10
Firearms trafficking but a key tool for
0:13
tracking that money and stopping those
0:15
criminals has for months been offline
0:19
after fin Trak or the financial
0:21
transactions and reports analysis Center
0:24
of Canada was hacked this is an
0:26
incredibly serious issue the importance
0:29
of this Gap in elligence can't be
0:31
understated once it was discovered
0:33
someone was inside finak took their
0:36
system offline including a key website
0:40
that thousands of companies use to
0:42
report suspicious transactions this is
0:45
not just about accountants counting
0:47
beans this is about keeping Canadians
0:49
safe uh and secure so what we're talking
0:52
about here is combating organized crime
0:54
we're talking about combating terrorist
0:56
networks fin Trak says it found no
0:59
evidence that information was lost or
1:01
the data was removed in the Cyber attack
1:04
and has created a new filing system for
1:06
major reporters which provide
1:08
approximately 96% of the reporting but
1:12
it's in the gap which remains some find
1:15
reason for concern that other sliver
1:17
that other 5% that's that's like 30,000
1:20
suspicious transaction reports a year
1:23
right we've seen throughout BC the
1:25
impact on house prices uh and and the
1:28
laundering that's happening through
1:29
really estate brokerages we've seen how
1:31
International remittances have been
1:33
exploited to be able to facilitate human
1:35
trafficking to be able to facilitate
1:37
fentanyl trafficking to be able to you
1:39
know move the money of folks that have
1:41
stolen cars each suspicious transaction
1:43
report matters F Trak whose own YouTube
1:46
videos stress the importance of this
1:48
reporting F Trak can only build its
1:50
Financial case when transactions are
1:52
reported says between April and June
1:55
it's been working to fix its web
1:56
Reporting System but didn't provide a
1:59
precise state for when it will be fully
2:02
restored Carolyn Jarvis Global News
2:05
Toronto
#Public Safety
#Crime & Justice