The federal government has recently announced measures through which the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) will drive the nation’s efforts to combat extortion and support law enforcement investigations centred on this issue.
François-Philippe Champagne, minister of finance and national revenue; Rechie Valdez, minister of women and gender equality and secretary of state for small business and tourism; Maninder Sidhu, international trade minister; Shafqat Ali, Treasury Board president; and Gary Anandasangaree, public safety minister, jointly announced the new measures.
According to a news release, these measures aim to help the government detect, disrupt, and prevent extortion across Canada, especially in the most impacted areas, such as Ontario, British Columbia, and Alberta.
“Extortion is a serious crime that harms Canadians, businesses, and communities,” Champagne said in the federal justice department’s news release.
“Small businesses are the backbone of Peel Region's economy,” Valdez said. “When organized crime targets businesses in our neighbourhoods, it puts entrepreneurs, employees, and entire communities at risk.”
“In Brampton, I’ve heard from families and business owners about the real fear that extortion creates in our community,” Sidhu added. “No one should feel unsafe in their own neighbourhood or workplace.”
According to the news release, the new measures seek to:
- Improve the collection and sharing of financial intelligence and information
- Ensure that financial intelligence supports enforcement efforts, investigations, and prosecutions
- Give financial institutions clear guidance on how to spot extortion transactions
- Help law enforcement hold perpetrators accountable
- Support the existing efforts of federal, provincial, and municipal governments and law enforcement to address criminal extortion
Measures to combat extortion
Under the new measures, FINTRAC will:
- Prioritize resources to tackle extortion to ensure law enforcement will receive timely and relevant financial intelligence to trace criminal networks and support investigations
- Establish the Countering Extortion Partnership with financial institutions (including Canadian banks, credit unions, and financial service providers of cryptocurrencies and other virtual assets), the Office of the Superintendent of Financial Institutions, the RCMP, and local police to enable the sharing of best practices for addressing extortion
- Assign liaison officers to offer specialized financial intelligence expertise to local police in affected areas like Ontario, BC, and Alberta
- Issue targeted indicator profiles (TIPs) with practical guidance to help financial institutions recognize patterns and behaviours commonly associated with extortion and more swiftly and accurately report suspicious transactions
- Publish strategic intelligence on how criminals move and hide extortion proceeds and share indicators and typologies to help detect money laundering
“The new measures announced today give police even more tools to target extortion and cut off the illicit money that fuels it,” Anandasangaree said in the news release.
“By strengthening cooperation between governments, law enforcement and financial institutions, we are taking action to disrupt criminal networks, protect livelihoods and ensure Canadians, including families and businesses in Brampton, can live and work without fear,” Ali added.
The news release said the measures will build on the federal government’s efforts to fight organized crime, including its creation of the new Canada Financial Crimes Agency, its investments to improve RCMP investigations, and its enhanced coordination with law enforcement and intelligence partners.