Finance Minister François-Philippe Champagne made a visit to Mississauga, Ont., to unveil a team of financial experts dedicated to combatting extortion crimes against Canadian businesses and households. This initiative was prompted by the mayors of Brampton and Caledon, who urged the federal government to develop a collaborative strategy to address the escalating extortion threats faced by businesses in their cities, particularly those in the South Asian community.
The approach, as outlined during a press conference attended by federal ministers, Mississauga’s mayor, Peel Regional Police, and the RCMP, involves a focus on tracing financial transactions. Champagne emphasized the message to criminals that “Enough is enough,” vowing to disrupt their activities.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) will collaborate closely with local law enforcement to expedite the exchange of timely and pertinent financial intelligence for the identification of criminal networks and to bolster investigations. Additionally, a partnership between FINTRAC and domestic banks, credit unions, and financial service providers, including those dealing with cryptocurrencies, has been established to enhance information sharing and provide guidance on detecting extortion-related transactions. FINTRAC is set to release intelligence on money laundering practices employed by criminals.
Peel Regional Police reported 476 extortion cases in the region last year, with a notable pattern of at least 41 incidents in Caledon since December 2023. These incidents typically involve threats of violence unless a ransom is paid, with the perpetrators often possessing personal information about the victims.
In Surrey, authorities disclosed 53 extortion cases reported in 2026, along with 11 related shootings, two arsons, and 31 victims, including 17 previously targeted individuals. Prime Minister Mark Carney, addressing law enforcement officials in British Columbia, expressed confidence in the strategy’s effectiveness in curbing extortion activities, stressing the importance of coordinated efforts across various agencies to combat this criminal behavior.