Money laundering is increasing in Canada through 'crypto to cash' transactions

 

 

A new form of money laundering is emerging in Canada's economy, a report says. Illegal 'crypto to cash' services that directly convert cryptocurrencies into cash are becoming widespread. Money laundering has long existed in Canada in connection with banking and real estate. However, experts point out that the new system of converting crypto into cash without disclosing personal information has opened new doors for financial crimes in the country. Exchange companies that provide such services are often buying thousands of dollars in digital currencies without adequate registration or verification of personal information. This is undermining the country's financial laws.

These secret transactions bypass all security systems. It is used by everything from drug mafias to terrorist organizations. They send cryptocurrency to unauthorized wallets abroad without any restrictions, and then secretly receive the equivalent amount of money from anywhere in the country. Canada's anti-money laundering laws require that crypto transactions of 1,000 Canadian dollars or more must record the personal information of the recipient and the details of the transaction. However, the investigation has found that many institutions are openly violating these laws. Authorities have warned that this type of uncontrolled money transfer can lead to an increase in the level of crime in the country and strict action is necessary against it.