OTTOWA, Canada—Criminals will continue to favor the use of cryptocurrency to conceal their assets from conventional banking systems, according to the Financial Transactions and Reports Analysis Centre of Canada (Fintrac).
The findings are included in a new report published by the federal agency that outlines ongoing efforts in developing strategic intelligence concerning the involvement of virtual assets in money laundering and terrorist financing.
In the report, Fintrac found that the money laundering that occurs within crypto spaces typically involves the transfer of funds gained from fraud and ransomware attacks, Insurance Business reported.
It also underscored the challenges posed by unregistered money services, noting that these businesses hinder the detection of financial crimes through traditional channels, the publication said.
A ‘Challenging Environment’
“Fintrac continues to operate in a challenging environment with new and evolving technologies and financial products, rapidly shifting global financial systems, and geopolitical events constantly shaping our work,” Director Sarah Paquet said in the report.
The report also pointed to a surge of money laundering incidents linked to underground banking. Additionally, the agency identified an increase in individuals and entities suspected of operating unregistered money services, Insurance Business reported.
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