Canada Cracks Down on Financial Crime with Ban on Crypto ATMs

The Canadian government has introduced a suite of measures to combat financial crime, with a focus on preventing the exploitation of the financial system by criminals.

The plans include banning cryptocurrency ATMs, which are used by scammers to defraud victims and by criminals to convert the proceeds of crime. There are currently around 4,000 such ATMs in Canada, the most per capita in the world.

Canadians will still be able to buy cryptocurrencies from 'brick-and-mortar' businesses, but the ban on ATMs is intended to disrupt the flow of illicit funds.

The government is also allocating additional funding to support the new Financial Crimes Agency, which would investigate and prosecute serious and complex financial crimes. This includes money laundering, serious fraud, and major capital market crimes.

The agency would be headquartered in Ottawa and have a mandate to recover the proceeds of crime, as well as to disrupt and deter illicit financing.