On January 23, Canada’s national financial intelligence agency, the Financial Transactions and Reports Analysis Centre (FINTRAC), issued a warning about the use of cryptocurrencies to launder profits from synthetic fentanyl and opioid trafficking.
The alert, titled “Laundering the Proceeds of illicit synthetic opioids,” updates a 2018 version and includes new risk factors based on analyses of financial intelligence, transactions, publications, and law enforcement reports.
These indicators aim to help law enforcement agencies detect and prevent money laundering associated with the country’s drug issues.
FINTRAC highlighted the increasing role of cryptocurrencies in the illicit drug trade and urged for enhanced surveillance in the sector to combat this issue.
