Overview
- FINTRAC will work with banks, credit unions, crypto providers, OSFI, the RCMP and local police to improve information sharing that helps investigators trace extortion proceeds.
- Operational steps include issuing a Targeted Indicator Profile for financial institutions, publishing laundering typologies, and embedding liaison officers with local forces such as Peel Regional Police.
- A senior federal official said no new funding was announced and FINTRAC will reallocate resources, while the minister pointed to prior RCMP investments and left the door open to future support.
- Budget 2025 set aside $1.7 billion for the RCMP to add 1,000 personnel, including about 150 dedicated to financial crimes, and legislation to create a Canada Financial Crimes Agency is planned by spring 2026.
- Peel police reported 476 extortion incidents in 2025, including 190 targeting businesses with 29 leading to shootings or arson, with many victims in the South Asian business community.