Canadian Intelligence Flags Crypto-to-Cash Services as ‘Knowingly Facilitating Money Laundering,’ Document Shows

Canadian intelligence warns crypto-to-cash networks are fueling money laundering and organized crime

Canada’s financial intelligence authorities are sounding the alarm over a rapidly expanding sector of the cryptocurrency industry that they say is increasingly being exploited by criminals to move illicit funds beyond the reach of traditional financial safeguards. An internal intelligence assessment prepared by Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) warns that a significant number of crypto-to-cash service provider…

Canadian intelligence flags crypto-to-cash services as ‘knowingly facilitating money laundering,’ document shows

As scammers and terrorists increasingly turn to crypto, a Canadian intelligence office is raising alarms about risks posed by an emerging industry offering discreet means to convert cryptocurrency to large sums of physical cash and vice versa. A substantial portion of these services across Canada are being “heavily exploited for illicit purposes” and are “knowingly facilitating money laundering, sanctions evasion” and a variety of “transnational…

Fintrac flags ‘high-risk’ Canadian crypto shops knowingly helping to launder funds for organized crime and Iran-linked groups

An internal Fintrac memo reveals Canadian crypto-to-cash desks are knowingly facilitating money laundering, organized crime and sanctions evasion.

Crypto desks ‘knowingly’ help launder money, government report says

Fintrac believes many cryptocurrency brokers are knowingly flouting anti-money laundering laws and helping clients evade international sanctions, particularly those against Iran. (Andrew Vaughn/Canadian Press) Canada’s anti-money laundering watchdog believes a “substantial portion” of the country’s cash-to-cryptocurrency brokers are knowingly helping criminals launder money and evade international sanctions. The Financial Transactions and Report…