Canada’s financial intelligence agency says a wide range of businesses – from food wholesalers to electronics repair services – are being used to disguise the proceeds of illicit cannabis operations.
In a new operational alert, the Financial Transactions and Reports Analysis Centre of Canada, known as Fintrac, warns banks and others that handle cash to be on the lookout for various clues that dealings are linked to the black-market pot trade.
Fintrac says the illicit cannabis market denies public coffers significant tax revenue, while profits in the tens of millions of dollars are used by organized crime groups to finance other illegal and harmful activities. As a result, whether Canadians know it or not, they’re helping finance other criminal activity in their communities, “which is making themselves and their neighbours unsafe, in terms of where they want to live and how they want to live,” MacKillop said.
Front companies used most frequently to launder proceeds included e-commerce businesses in the beauty and wellness industry, food and beverage wholesalers, automotive-related businesses, electronics repair services, construction-related firms, and those in marketing, advertising and consulting.
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