Trade wars reshape global markets, but they also open the door to financial crime. As tariffs shift supply chains and businesses look for workarounds, illicit actors exploit the chaos—moving money through shell companies, skirting sanctions, and fueling underground economies. This piece breaks down how economic conflict drives dirty money and what that means for financial and national security.

We’re winding things down here at ITI for the year, so we thought we’d share a few of our major themes from the year, one of which is Hamas financing. While we did a lot of work on the group’s financing back in 2023 (including a series looking at how the group raises, uses, moves, stores, manages, and obscures their funds) and counter-terrorist financing options, 2023 was focused on debunking some myths and updating that analysis after a year of Israeli counter-terrorism operations.

We have a few updates for you this week that you might find interesting on extremist financing under a Trump presidency, the listing by Canada of the Houthis as a terrorist entity, and Canada’s upcoming FATF evaluation.

Canada’s underground economy moves an estimated $44 billion in dirty money each year, fueling organized crime, real estate speculation, and financial corruption. With loopholes in enforcement and regulatory blind spots, illicit funds continue to flow through casinos, shell companies, and real estate. As authorities scramble to crack down, the question remains—how deep does this problem go?

From illicit trade to crowdfunding, terrorist groups find creative ways to fund their operations. This review breaks down the financial networks that keep them running, the loopholes they exploit, and the challenges in cutting off their cash flow.

Canada’s Integrated Terrorism Assessment Centre (ITAC) plays a crucial role in identifying and assessing terrorist threats. This piece explores how ITAC operates, its role in counterterrorism efforts, and the challenges it faces in an evolving threat landscape.

Foreign influence isn’t just about diplomacy or espionage—it’s about money. Covert funding flows through hidden channels to sway elections, shape policies, and undermine institutions. This piece unpacks how foreign actors use financial networks to exert control and why it’s so hard to stop.

Since the October 7 attacks, Hamas’s financial networks have been under pressure. This episode looks at how the group raises and moves money, the effect of sanctions, and whether global efforts to cut off funding are making an impact.

Shadow economies operate beneath the surface, shaping global finance in ways most people never see. From illicit trade to underground banking, these hidden markets fuel both risk and opportunity. This piece explores how they function, who profits, and why authorities struggle to crack down.

Foreign interference in Canada isn’t just speculation—it involves real people, real networks, and real consequences. This piece lays out who’s involved, how they operate, and what Canada is doing about it.

The Islamic State’s financial future is evolving as governments crack down on its traditional revenue streams. From illicit trade to online fundraising, this piece explores how the group is adapting, where its money comes from now, and what that means for global security.

A terrorist plot forced Austrian authorities to cancel Taylor Swift’s Vienna concerts, dealing a financial blow to the city despite the attack being prevented. The economic fallout highlights how terrorism disrupts local economies—even when no attack takes place. This piece looks at the financial impact of the cancellations, how much was lost, and what it means for counterterrorism policy

The compliance industrial complex has reshaped financial regulation, but who really benefits? This book review explores how compliance-driven governance influences surveillance, corporate power, and financial control—and why some of its core assumptions may not hold up to scrutiny.

Spies don’t work for free. From state-funded salaries to secret cash drop-offs and cryptocurrency transfers, espionage financing is an overlooked but essential part of intelligence operations. This piece breaks down how spies get paid, who funds them, and what financial red flags can reveal about covert activity.

White power movements in Canada have a long history, from neo-Nazi groups in the 1930s to modern extremist networks. This ten-part series maps out where these groups operate, their tactics, and how they finance their activities. The first article in the series takes a closer look at the Diagolon network, its reach, and its influence. Over the next ten weeks, we’ll dive deeper into the white power ecosystem in Canada and its evolving landscape.

Terrorist groups exploit the dark web for secure communication, propaganda, and financial transactions. From cryptocurrency donations to illicit trade, the dark web offers anonymity that makes tracking and disrupting terrorist financing difficult. This piece explores how extremists use hidden online networks to move money and the evolving countermeasures aimed at stopping them.

Today’s infographic highlights the six primary methods terrorists use to finance their operations, from kidnapping for ransom to digital currency laundering. A must-see for anyone in law enforcement, intelligence, or financial compliance.

Nathaniel Veltman’s sentencing marks Canada’s first white nationalist terrorism conviction, but the bigger issue remains: how do we stop the next attack? The rise of ideologically motivated violence, fueled by online extremism, raises urgent questions about detection, prevention, and whether law enforcement is keeping up with the threat. Canada needs better answers before more lives are lost.

Canada’s first white nationalist terrorism conviction marks a turning point in how law enforcement investigates and prosecutes extremist violence. My conversation on CBC’s The Current explores what this case means for future prosecutions, the challenges of tackling radicalization, and why stopping attacks before they happen remains an uphill battle.

The latest UN report on ISIL and Al Qaeda highlights shifting trends in terrorist financing, from cryptocurrency transactions to taxation and illicit trade. While ISIL’s reserves are declining, its affiliated networks remain financially resilient, and Al Shabaab continues to generate staggering revenue. This analysis breaks down key findings, emerging threats, and what they mean for counterterrorism efforts