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    <p>A report from Canada’s financial intelligence unit predicts that criminals will continue to rely on crypto laundering to hide their funds while maintaining an “overwhelming reliance” on mixing services and exchanges.&nbsp;</p>
    <p>The report, published by the Financial Transactions and Reports <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> Centre of <a rel="noopener noreferrer nofollow" title="Canada" href="https://thebittimes.com/tag/canada.html">Canada</a> (FINTRAC), highlights the efforts it undertook between 2022 and 2023 to protect the country’s financial system.</p>
    <p>In the face of a <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> winter, the report says it “expects to see further long-term growth in the adoption of <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a>currency by illicit and threat actors seeking to raise, move, and hide funds outside the traditional banking system.”</p>
    <p>The agency also noted that despite the “massive growth” of crypto-related crime being identified, criminals will likely stick to the same methods of laundering their funds. And <strong>the most prevalent method for ransomware attackers and fraudsters looking to launder their funds is crypto</strong>.</p>
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       Casino operators with ties to Tether, Wirecard busted for money laundering
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    <p><em>Read more: Canadian police open applications for <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> and NFT storage solution</em></p>
    <p>The report also highlights an increased reliance on <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> mixers to launder assets, a method that recently came under increased scrutiny from the US for its connection to North Korean hacking groups. It adds that high-risk exchanges are also popular for laundering funds, while centralized exchanges are commonly used to only launder small amounts.</p>
    <p>FINTRAC warns Canadians that ransomware will remain an issue for years thanks to the growing industry of ransomware-as-a-service (RaaS). Hacking group Rhysida, which reportedly offers RaaS, recently threatened to release medical details belonging to the British Royal Family unless a <strong>£300,000 ($380,000) bitcoin ransom</strong> was paid.</p>
    <p>It estimates that decentralized finance (DeFi) will cause issues for Canada’s anti-money laundering and anti-terrorist financing regime.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/canadian-crypto-criminals-in-for-the-long-run-officials-predict-tbt72660.html">https://thebittimes.com/canadian-crypto-criminals-in-for-the-long-run-officials-predict-tbt72660.html</a></p>

Canadian crypto criminals in for the long run, officials predict

TheBitTimes

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