OTTAWA – The federal anti-money laundering agency says it made more than 100 disclosures of “actionable financial intelligence” in support of probes into illicit opioids between last November and the end of March of this year.
In its newly tabled report for 2024-25, the Financial Transactions and Reports Analysis Centre says the disclosures to law enforcement partners were just one part of the agency’s efforts to curb the proliferation of deadly fentanyl, which has driven a devastating overdose crisis in Canada.
The federal centre, known as Fintrac, identifies cash linked to money laundering and terrorism by sifting through millions of pieces of data annually from banks, insurance companies, securities dealers, money service businesses, real estate brokers, casinos and others.
The agency then discloses the resulting financial intelligence to its partners, including Canada’s spy agency, the RCMP and other police services.
The information also supports the work of the Joint Intelligence Operational Cell, a federal body bringing law enforcement and intelligence agencies together with government departments to counter transnational organized crime, money laundering and drug trafficking.
Fintrac director Sarah Paquet says in the annual report the agency shifted existing resources to set up a rapid intelligence production team to prioritize the disclosure of financial intelligence related to illicit opioids and transnational criminal organizations.
Fintrac also provided a financial crime expert to the office of Kevin Brosseau, Canada’s fentanyl czar, to support his efforts to tackle the illicit financing associated with the drug, Paquet says in the report.
The agency also helped businesses identify and assess the money laundering risks associated with illicit opioids, apply measures to manage those risks and report relevant transactions to Fintrac, the report says.
Fintrac has been highlighting the scourge of opioids for years.
In early 2018, it warned that traffickers were exploiting Canadian money service businesses to buy fentanyl from overseas and then launder the proceeds through banks and credit unions.
Its latest efforts followed the U.S. administration’s expressions of concern about the southbound flow of fentanyl into the United States — criticism it used to justify tariffs against Canada.
Brosseau has said while Canada is not a significant source of fentanyl entering the United States, even small amounts can have devastating effects.
Fintrac’s annual report says the agency’s financial intelligence also assisted more broadly in investigations linked to money laundering, including probes involving human trafficking, auto theft, terrorist financing and threats to the security of Canada.
That information led to more than 200 major investigations and hundreds of other probes across the country and internationally, the report adds.
It says Fintrac issued 23 notices of violation last year for non-compliance with legislation and regulations, with penalties amounting to more than $25 million.
The agency says it also disclosed 32 cases of non-compliance directly to law enforcement for potential criminal investigation — the largest number since Fintrac was created in 2000.
“Combating money laundering and terrorist financing is a moral and social imperative,” Paquet says in the report. “Whether it’s drug trafficking, fraud, auto theft, human trafficking or online child sexual exploitation, these crimes threaten our communities and our most vulnerable citizens.”
This report by The Canadian Press was first published Oct. 30, 2025.
