Department of Finance Canada announced measures aimed at detecting, disrupting, and preventing extortion involving individuals and businesses.
The announcement included a Countering Extortion Partnership involving financial institutions, government, and law enforcement. Finance Canada said FINTRAC would work with banks, credit unions, financial-service providers of virtual assets, the Office of the Superintendent of Financial Institutions, the RCMP, and local police where applicable.
Finance Canada linked the measures to organized crime, money laundering, and digital platforms used in cross-border extortion schemes.
Budget 2025 announced $1.7 billion to strengthen the RCMP response to transnational organized crime, financial crimes, money laundering, intelligence, and national-security threats. The department said the funding supported a commitment to hire 1,000 RCMP personnel.
The release also pointed to Bill C-12, which would increase anti-money-laundering and anti-terrorist-financing civil penalties by forty times and criminal fines by ten times their current amount.
For businesses with AML/ATF obligations, the announcement signals closer coordination between financial reporting, enforcement agencies, and investigations into illicit funds.