Canadian intelligence agency warns that fentanyl cash laundering is linked to online betting
The newly published alert states that known fentanyl traffickers have frequently sent money to digital gambling sites and received funds in return.
Key Points
- The Financial Transactions and Reports Analysis Centre reported there is reason to believe people are depositing and withdrawing funds at online casinos in order to disguise proceeds
- The federal center, known as Fintrac, identifies cash linked to money laundering and terrorism by sifting through millions of pieces of data annually
Through a recent operational alert, the Financial Transactions and Reports Analysis Centre of Canada has stated there is reason to believe people are depositing and withdrawing funds at online casinos to disguise the laundering of fentanyl cash and other opioids.
The alert states that known fentanyl traffickers have frequently sent money to digital gambling sites and received funds in return from associated payment processors in Canada, Malta and the UK.
The federal center, known as Fintrac, identifies cash linked to money laundering and terrorism by sorting through millions of pieces of data annually from banks, insurance companies, securities dealers, money service businesses, casinos and more.
While preparing the alert, Fintrac examined a sample of nearly 5,000 suspicious transaction reports related to fentanyl and synthetic opioids filed between 2020 and 2023, with most of the reports involving the suspected distribution of synthetic opioids within the country.
The alert also states that the illegal supply of fentanyl and other synthetic opioids in North America has been driven by the “growing involvement” of organized crime groups using disingenuous financial services on the internet.
Good to know: The IBIA announced the conclusion of its anti-match-fixing education program on October 16, delivered in partnership with the PFA Canada
“These groups are importing or diverting essential precursor chemicals and lab equipment from China and other Asian countries for the production of illegal synthetic opioids,” the alert said.
“These threat actors are also using darknet marketplaces and virtual currencies to distribute and facilitate payments for fentanyl and other illegal synthetic opioids on an international scale, among other traditional methods.”
The laundering of cash generated by the sale of fentanyl and other opioids are reportedly being disguised as numerous different wagers and winnings from online casino platforms.
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