Thursday, February 9, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Currencies

Violent extremists driven by ideology turning to virtual currencies: federal centre

MtR by MtR
June 15, 2021
in Currencies
0
Violent extremists driven by ideology turning to virtual currencies: federal centre


OTTAWA — The federal financial intelligence centre warns that violent extremists driven by causes including racial hatred are increasingly turning to virtual currencies for fundraising.

In a newly published special bulletin, the Financial Transactions and Reports Analysis Centre of Canada says the move comes as social media and crowdfunding platforms crack down on extremist efforts to promote their ideas and raise money.

The centre, known as Fintrac, tries to pinpoint cash linked to terrorism and money laundering by sifting through millions of pieces of information annually from banks, insurance companies, securities dealers, money service businesses, real estate brokers, casinos and others.

The centre’s special bulletin on ideologically motivated violent extremism was originally scheduled for release last week.

However, the centre delayed publication out of respect for the Muslim family assaulted in a deadly vehicle attack in southwestern Ontario.

The bulletin notes that targets of ideologically driven violence such as arson, assault and homicide include people of the Islamic and Jewish faiths, people of colour, women, Indigenous Peoples and members of LGBTQ2 communities.

Individuals and groups use the internet to perpetuate racist and misogynistic tropes on social media that feed into broader narratives associated with conspiracy theories and anti-government movements, it adds.

In recent years, online crowdfunding platforms and social media sites have started to curb fundraising and promotional activities tied to ideologically motivated extremists, prompting them to seek alternative outlets.

These tend to be smaller platforms than the mainstream ones, and they do not always have the resources to monitor and shut down activities, the bulletin warns.

In response to increased restrictions on online platforms, extremists have encouraged followers to send them money via mail, cheque or money order. They have also begun relying on virtual currencies for fundraising.

“Threat actors mainly use virtual currency donations to fund their propaganda and recruitment efforts,” the bulletin says.

The centre’s analysis of suspicious financial transactions related to ideologically motivated extremism indicated most were concentrated in Alberta, British Columbia and Ontario. 

Internationally, ideologically motivated extremists have raised funds through merchandise sales, holding events such as talks and concerts, crowdfunding, charging membership fees and accepting donations, the bulletin says.

They have also resorted to “drug trafficking, weapons trafficking and robberies to fund their operations.”

The money is used to recruit new members, engage in day-to-day activities and carry out promotional efforts such as making videos, the bulletin says. 

In addition, the funds go toward organizing marches and events, maintaining websites, paying the legal fees of individuals arrested for their involvement in the movement, acquiring weapons and establishing safe houses, the centre says.

Lone extremists raised their own funds, using savings, employment income or money from family and friends. “There was no indication in the reporting that the family members were aware that the funds would be used for violent action.”

Many lone actors sent money transfers to unknown third parties and some used their own funds to buy weapons, either through online chain stores or in person. 

The centre also found people in Canada might fund international extremist networks while not necessarily being members of organized groups themselves, typically using payment-processing companies and money service businesses to make transfers.

“While these transactions tended to be small, recurring transfers to multiple nodes of the same international network in different countries, they totalled significant amounts.”

Some of the beneficiaries forwarded the money to recruiters for far-right militias and similar groups, the bulletin adds.

Personal- and business-account transactions showed connections between organized extremists and individuals and companies charged with crimes such as fraud, robbery, assaulting police officers, drug trafficking and weapons offences.

The bulletin identifies broad characteristics found in the suspicious transaction reports, cautioning they might not necessarily indicate extremist financing.

As a result, reporting entities such as banks must examine them in conjunction with “additional risk indicators” such as transactions with links to groups the government has listed as terrorist entities.

The centre flagged several warning signs related to personal account activity:

— absence of expected personal transactions such as normal debit and credit account activity or paying bills;

— a sudden halt to personal activity; and

— numerous and frequent electronic money transfers followed by the depletion of funds through transfers to third parties.

The centre also singled out signs of suspicious business account activity, including:

— absence of regular salary payments and other expected transactions, except insurance and loan payments;

— funds received from and sent to unrelated businesses that do not align with the client’s business profile; and 

— an absence of business-related purchases.

This report by The Canadian Press was first published June 15, 2021.

Jim Bronskill, The Canadian Press





Source link

Related articles

Today's Currency Winner: The Japanese Yen – The Wall Street Journal

August 10, 2022

Africa: Cedi Still Worst Performing Currency in Africa – Depreciates 28.8 Percent to Dollar – Bloomberg

August 10, 2022

Related Posts

Today's Currency Winner: The Japanese Yen – The Wall Street Journal

by MtR
August 10, 2022
0

Today's Currency Winner: The Japanese Yen  The Wall Street Journal Source link

Africa: Cedi Still Worst Performing Currency in Africa – Depreciates 28.8 Percent to Dollar – Bloomberg

by MtR
August 10, 2022
0

The precarious situation of the cedi is not getting any better soon, as the local currency has recorded a -28.82...

Reserve Bank of Australia to Pilot Digital Currency, Explore Use Cases – Finance Bitcoin News

by MtR
August 10, 2022
0

The monetary authority in Australia is beginning research into the potential economic benefits of issuing a central bank digital currency....

The Currency Creek Bridge will have restoration and reinforcement works to ensure its longevity – Victor Harbor Times

by MtR
August 10, 2022
0

The Currency Creek Bridge will have restoration and reinforcement works to ensure its longevity  Victor Harbor Times Source link

Balance introduces Balance Compliance for Canadian MSBs dealing in virtual currency

by MtR
August 9, 2022
0

TORONTO--(BUSINESS WIRE)--Balance, Canada’s largest digital asset custodian, today unveiled Balance Compliance, a turnkey solution which streamlines regulatory compliance for FINTRAC...

Load More
  • Trending
  • Comments
  • Latest

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021

Tips for checking smoke alarms during daylight saving time

March 12, 2022

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Industrial Lubricants Market to Reach $71 Billion by 2027.

August 10, 2022

Recent News

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter