Statement by the Minister of Finance on Canada’s progress combatting money laundering

The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, today issued the following statement:

“Money laundering is a serious crime that threatens the integrity of Canada’s financial system.

“Our government takes this seriously, and that’s why FINTRAC—Canada’s Financial Intelligence Unit—is strengthening enforcement and increasing transparency on compliance actions.

“Today alone, there have been 23 revocations of money services businesses (MSBs) registrations, a requirement for these businesses to operate legally in Canada, as we continue to step up our focus on this issue. This represents a significantly increased pace of action, and our government will maintain this momentum.

“With increased resources for the RCMP, a new Canadian Financial Crimes Agency, and strengthened FINTRAC supervision, compliance, and enforcement, including through provisions in Bill C-12, we are bringing all of the tools of the federal government to the table to fight financial crime.

“Our government will continue to monitor and pursue new measures to address risks posed by virtual currency businesses, such as cryptocurrency MSBs and crypto ATMs, which can be used to facilitate money laundering and fraud.

“You can track recent enforcement actions taken by FINTRAC on their website: Money services businesses with revoked registration.”