Canada’s Anti-Money Laundering Watchdog Tripled Cryptocurrency Cases It Has Referred To Law Enforcement In Past Year

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Cryptocurrency transactions and exchanges are increasingly coming under the microscope of regulators and law enforcement agencies as the popularity of virtual currencies grows.

Canada’s anti-money laundering watchdog sent 61 cryptocurrency-related incidents to law enforcement agencies for investigation in the past fiscal year – more than triple the number of such disclosures it made in the previous year, according to data obtained by The Globe and Mail through an Access to Information request. The agency’s most recent fiscal year ran from April 1, 2018, to March 31, 2019.

Experts predict that the number of cryptocurrency-related disclosures by the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC) will skyrocket next year, when virtual currency exchanges officially come under the agency’s watch.

The surge comes amid the growing popularity of virtual currencies such as bitcoin and ether, which allow users to exchange assets online without the use of intermediaries such as banks.

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