Criminal use of cryptocurrency expected to grow, Canada’s financial intel agency says

OTTAWA – Canada's financial intelligence agency says it expects criminals to increase the use of cryptocurrencies to raise, move and hide funds outside the traditional banking system.

In its just-released annual report, Canada's Financial Transactions and Reports Analysis Center notes that it has been developing strategic intelligence on the role virtual assets play in money laundering and terrorist financing.

The agency, known as Fintrac, says the most prevalent form of money laundering involving virtual currencies is the movement of proceeds from fraud and ransomware attacks.

Fintrac identifies money linked to illicit activities by electronically exfiltrating millions of data each year from banks, insurance companies, money services companies, securities dealers, real estate brokers, casinos and others.