Canada Intensifies Fight Against Money Laundering with Stricter Enforcement

• Canada ramps up enforcement as MSB revocations signal stricter compliance era.
• Expanded FINTRAC oversight and RCMP funding boost coordination against crime.
• Crypto and ATM risks push new regulations under Bill C-12 to curb money laundering.

Canada is ramping up efforts to combat money laundering, with a sharper focus on enforcement and transparency across financial operations. François-Philippe Champagne, Minister of Finance and National Revenue, emphasized that the integrity of Canada’s financial system remains a top priority. The government is deploying multiple tools to crack down on illegal financial activities, particularly targeting businesses that facilitate money laundering.

Increased Oversight on Money Services Businesses

Significantly, Canadian authorities revoked 23 money services business (MSB) registrations in a single day, marking a major step i…

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