FEDERAL Finance Minister François-Philippe Champagne on Thursday announced new measures to strengthen Canada’s ability to detect, disrupt, and prevent extortion across Canada, especially in the most affected areas like Ontario, British Columbia, and Alberta.

By improving how financial intelligence is collected and shared, law enforcement will be better equipped to trace criminal networks, support investigations, and hold those responsible accountable, Champagne said.

The Government of Canada is prioritizing efforts, mobilizing the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to help to combat extortion and support law enforcement investigations. Key measures include:

• Prioritizing financial intelligence resources to tackle extortion: FINTRAC will surge resources to combat extortion. This will enable law enforcement to receive more timely and relevant financial intelligence to identify criminal networks and support investigations.
• Launching the Countering Extortion Partnership with financial institutions, government, and law enforcement: FINTRAC will work closely with Canadian banks, credit unions, and financial service providers of virtual assets, including cryptocurrencies, alongside partners such as the Office of the Superintendent of Financial Institutions, the RCMP, and local police, where applicable, to enhance information sharing and share best practices to fight extortion.
• Assigning financial intelligence experts to support police: FINTRAC will assign dedicated liaison officers to work directly with local law enforcement in the most affected areas, such as Ontario, British Columbia, and Alberta. These officers will provide specialized financial intelligence expertise, strengthen information sharing, and ensure financial intelligence is supporting enforcement efforts, investigations, and prosecutions.
• Providing financial institutions with clear guidance on how to detect extortion transactions: FINTRAC will issue a Targeted Indicator Profile or ‘TIP’, which will give practical guidance to help financial institutions recognize patterns and behaviours commonly associated with extortion. This will help ensure suspicious transactions are reported quickly and accurately.
• Publishing intelligence on how criminals move and hide extortion money: FINTRAC will publish strategic intelligence detailing how criminals launder extortion proceeds, including indicators and typologies to aid in its detection.

Champagne said that together, these measures will support the ongoing efforts by federal, provincial, and municipal governments and law enforcement to combat criminal extortion activities that harm Canadians. These actions build on broader federal measures to combat organized crime and protect Canadians, including the creation of the new Canada Financial Crimes Agency, significant investments to strengthen RCMP investigative capacity, and enhanced coordination with law enforcement and intelligence partners.