FINTRAC revokes licences of dozens of companies
Companies with links to Cyprus are under scrutiny in an ongoing Canada money laundering investigation, following a decision by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to revoke registrations of dozens of businesses in British Columbia.
In total, 53 money services businesses (MSBs) lost their licences, with reports indicating that several are linked to directors based in Cyprus and Russia.
Authorities say the move raises questions about potential involvement in international high-risk financial networks.
Part of wider crackdown on financial sector
The money laundering investigation in Canada forms part of a broader effort to tighten oversight of MSBs, a sector considered vulnerable to illicit financial activity.
These businesses often handle foreign exchange transactions, fund transfers and cryptocurrency-related services, which are frequently flagged as high-risk areas.
According to investigative reporting by the Investigative Journalism Foundation, many of the companies operated from clusters of addresses in Vancouver with limited physical presence.
However, some licence revocations may have been issued in error, with business owners claiming they were not properly informed.
Regulatory powers and compliance deadlines
FINTRAC has the authority to revoke registrations when companies fail to meet compliance obligations, including reporting suspicious transactions or providing required information to authorities.
Affected firms are now required to comply with regulations or file appeals within 30 days.
Canadian authorities have intensified efforts to clamp down on the shadow financial sector, as part of wider anti-money laundering enforcement measures.
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