Crypto transactions are completely different from paper currency transactions. When transactions are completed using these digital currencies, the address of the receiver or sender is completely hidden. And using this opportunity, a group of fraudsters complete illegal transactions using crypto. Canada's Financial Transactions and Reports Analysis Center made a headline about the role of cryptocurrencies in laundering proceeds from synthetic fentanyl and opioid trafficking and issued a warning about it.
Crypto transactions are done confidentially and because of the blockchain technology associated with these transactions and because the transactions are completed through them, the information involved in the transaction process is completely hidden and who is sending money to whom is completely hidden. Because they are done through certain codes.
[source](https://pixabay.com/photos/chart-stock-market-iphone-dollars-6716410/)
Yesterday, Canada's National Financial Intelligence Agency released new client risk factors and indicators of synthetic opioid trafficking and production to combat illicit funding linked to the country's drug problem. That's why the country's National Financial Intelligence Agency has made headlines for laundering the proceeds of illegal synthetic opioids. Part of that title is an update from the previous 2018 version.
Included in this edition are new risk factors derived from analysis of financial intelligence, transactions, publications and law enforcement reports. Illegal profits from synthetic opioid sales have highlighted the growing role of cryptocurrencies in laundering. Even so, they have raised awareness and, in addition to announcing that the issue will help the country's law enforcement agencies improve vigilance within the crypto sector, they have cited a number of red flags.
Among the steps they have taken to that end is a massive crypto-to-fiat conversion. The process of money laundering involved newly created accounts using multiple virtual wallets to obscure the origin of the transactions before cashing out or transferring funds internationally, authorities said. Agencies have been asked to be vigilant before making deposits or suspicious activities on cryptocurrency exchanges from accounts linked to high-risk regions and to be on the lookout for early flagging of activity. If you want to know more about it then you can read this [news](https://cointelegraph.com/news/curbing-crypto-opioid-money-laundering-fintrac-alert) .
