The federal finance minister visited Mississauga, Ont., on Thursday to announce the introduction of specialized financial intelligence experts who will focus on extortion crimes aimed at Canadian businesses and households.
This initiative follows calls from the mayors of Brampton and Caledon, Ont., urging the federal government to develop a coordinated strategy to tackle what they describe as increasing extortion threats against businesses in their areas, especially those owned by South Asians.
The announcement comes after two summits held in Brampton and Surrey, B. C., which were focused on understanding how threats of violence are impacting local communities.
The approach is to “follow the money,” François-Philippe Champagne stated during a news conference on Thursday, alongside other federal ministers, Mississauga’s mayor, Peel Regional Police, and the RCMP.
“Our message to criminals is both powerful and simple: Enough is enough,” he said.
“We’re going to make their life miserable.”
Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) will collaborate closely with local law enforcement agencies and prioritize receiving more timely financial intelligence that can help identify criminal networks and assist investigations, Champagne mentioned.
In a news release issued on Thursday, the government also announced a new partnership between FINTRAC and Canadian banks, credit unions, as well as financial service providers including those dealing with cryptocurrencies. This partnership aims to enhance information sharing and provide clear guidelines for detecting extortion-related transactions.
Additionally, FINTRAC plans to publish insights into how criminals launder money obtained from illegal activities, according to the news release.
According to Peel Regional Police data, there were 476 reported cases of extortion in Peel Region last year. At least 41 incidents of extortion have been recorded in Caledon since December 2023 that seem to follow a similar pattern, based on information from Ontario Provincial Police.
<p Typically, victims receive calls or messages threatening violence unless they pay a ransom; often these perpetrators know where their victims live or work, as outlined by police in their report regarding this issue.
<p While meeting with local law enforcement officials in B. C. on Thursday morning, Prime Minister Mark Carney expressed his commitment to discussing how effectively this strategy operates, its implementation details, and how various agencies can collaborate effectively against extortion crimes.
“I am confident that this is going to have an impact,” he said. “We are going to stamp out extortion.”
Source link
Source link
