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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
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it's estimated billions of dollars in
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dirty money are laundered in Canada
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every year profits from organized crime
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like car thefts the opioid crisis and
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Firearms trafficking but a key tool for
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tracking that money and stopping those
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criminals has for months been offline
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after fin Trak or the financial
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transactions and reports analysis Center
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of Canada was hacked this is an
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incredibly serious issue the importance
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of this Gap in elligence can't be
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understated once it was discovered
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someone was inside finak took their
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system offline including a key website
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that thousands of companies use to
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report suspicious transactions this is
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not just about accountants counting
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beans this is about keeping Canadians
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safe uh and secure so what we're talking
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about here is combating organized crime
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we're talking about combating terrorist
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networks fin Trak says it found no
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evidence that information was lost or
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the data was removed in the Cyber attack
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and has created a new filing system for
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major reporters which provide
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approximately 96% of the reporting but
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it's in the gap which remains some find
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reason for concern that other sliver
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that other 5% that's that's like 30,000
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suspicious transaction reports a year
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right we've seen throughout BC the
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impact on house prices uh and and the
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laundering that's happening through
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really estate brokerages we've seen how
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International remittances have been
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exploited to be able to facilitate human
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trafficking to be able to facilitate
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fentanyl trafficking to be able to you
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know move the money of folks that have
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stolen cars each suspicious transaction
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report matters F Trak whose own YouTube
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videos stress the importance of this
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reporting F Trak can only build its
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Financial case when transactions are
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reported says between April and June
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it's been working to fix its web
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Reporting System but didn't provide a
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precise state for when it will be fully
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restored Carolyn Jarvis Global News
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Toronto
#Crime & Justice
#Public Safety