The weeklong virtual conference brought together more than 850 anti-money-laundering experts
The Financial Crimes Coordination Centre (FC3) has hosted a weeklong virtual conference − which brought together more than 850 investigators, prosecutors, and other experts from across Canada − to discuss approaches to strengthening Canada’s anti-money laundering regime.
Money laundering has become a complex and significant problem that threatens the integrity and stability of the financial sector and broader economy, said the Public Safety and Emergency Preparedness Canada (PSEPC) in a news release. The PSEPC added that many criminal organizations rely on laundered funds to support serious criminal activities, such as corruption, fraud, and drug and human trafficking.
During the conference, the FC3 discussed the impact of COVID-19 on money-laundering trends and some current money-laundering schemes, including the use of virtual currency. Investigational challenges, best practices, prosecutorial perspectives, and lessons learned in combating money laundering were also discussed.
“Our government is committed to working with our partners to ensure ongoing collaboration on issues of joint concern and responsibility,” Public Safety Minister Marco Mendicino said in the news release. “As a former crown prosecutor, I understand the immense complexity of money laundering cases and the importance of coordination across agencies to gather the right evidence in a timely manner.”
The FC3 concluded the conference with a renewed sense of determination to improving the federal government’s anti-money laundering enforcement efforts, the PSEPC said.
“It is essential that we continue this important work of bringing experts to the table to discuss emerging issues and develop the tools and resources necessary to counter this evolving threat,” Mendicino said.
The FC3, previously known as the Anti-Money Laundering Action, Coordination and Enforcement Team, is a five-year pilot initiative introduced by the federal government in 2019. Its main task is to bring together experts from across intelligence and law enforcement agencies to identify and address significant financial crime threats.
Since 2019, the federal government has provided over $220 million to support efforts towards modernizing anti-money laundering legislation, strengthen inter-agency cooperation and information sharing, and equip law enforcement with the necessary tools and expertise to support money-laundering investigations.