FINTRAC Reports on Crypto Links to Money Laundering in Drug Trade

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by Giorgi Kostiuk

2 years ago

FINTRAC reports increasing use of cryptocurrencies for laundering money related to synthetic fentanyl and opioid trade.

Cryptocurrencies and Drug Trafficking

According to FINTRAC, cryptocurrencies have become an accepted form of payment between drug-dealing producers and brokers. Virtual currency addresses are typically hosted on centralized crypto exchanges.

Virtual Currency Laundering Indicators

FINTRAC released updated risk indicators related to synthetic opioid trafficking. The agency highlighted signs such as using wallet addresses linked to darknet markets and transacting with individuals involved in organized crime.

Recommendations and Combat Strategies

The agency recommends law enforcement use these indicators in their money-laundering strategies and calls for collaboration across the crypto ecosystem to counteract such activities.

FINTRAC urges stronger measures against money laundering within the crypto space and suggests using specific indicators to identify suspicious transactions.

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