Financial Transactions and Reports Analysis Centre of Canada
FINTRAC CEO Sarah Paquet highlighted the significant threat posed by over 4,000 organized crime groups in Canada, generating billions through extortion, fraud, and drug trafficking. She noted FINTRAC's critical role in assisting the RCMP to dismantle a major dark web drug trafficking operation in Ontario, resulting in multiple charges and large drug seizures. Paquet also emphasized rising AI-driven fraud and ransomware attacks on Canadian businesses, with average ransoms exceeding $1 million, underscoring the evolving complexity of financial crime risks.
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