Money launderers using online gambling sites, Canada’s finance watchdog warns

Money launderers using online gambling sites, Canada’s finance watchdog warns

Article brief provided by The Canadian Press
  • Jim Bronskill, The Canadian Press
January 18, 2024 8:08 PM
  • Jim Bronskill, The Canadian Press

Canada’s financial intelligence agency warns that illicit cash is being laundered through online gambling sites that provide a variety of ways to disguise shady funds.

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In a newly published bulletin, the Financial Transactions and Reports Analysis Centre of Canada highlights the criminal exploitation of legitimate and unlicensed digital wagering operations.

The centre, known as Fintrac, notes the popularity of online gambling grew during the COVID-19 pandemic and has been fuelled by the 2021 legalization of single-event sports betting in Canada.

Fintrac identifies money linked to illicit activities by electronically sifting millions of pieces of information each year from banks, money-service businesses, casinos, insurance companies, securities dealers, real estate brokers and others.