900 Organized Crime Groups in Canada Turning to Euro Instead of Dollars for Illegal Trade

The Criminal Intelligence Service Canada released in its annual report that the “US dollar weakened significantly against other major currencies in 2007 and according to some economists, is expected to depreciate further in 2008” and “as a consequence, other currencies — particularly the euro — are poised to weaken the US dollar’s dominance as the currency of choice for international remittances and payments.” The agency added that the “trend could also drive an increase in observed instances of bulk-cash transfers denominated in currencies other than Canadian and US dollars.”

There are about 900 organized crime groups in Canada working illicit drug trade, credit card fraud, organ trafficking, identity theft and illegal logging of trees.

Criminal Intelligence Service Canada’s 2008 Report on Organized Crime was released Friday August 22, 2008 at a news conference in Montreal.

Criminal Intelligence Service Canada (Official Site)