By PAUL O’DONOGHUE, Senior Correspondent
CANADA has announced the creation of a new ‘Financial Crimes Agency‘ to combat fraud and tackle money laundering.
The organization is due to launch by “Spring 2026”.
“The government will also establish a new Financial Crimes Agency to lead Canada’s efforts in combatting sophisticated financial crimes,” the government said in a statement.
“This agency will unite the expertise needed to investigate complex cases of money laundering.”
The government added that the agency will also target “organized criminal activity and online financial scams, and recovering illicit proceeds”.
The move was announced as part of Canada’s Budget 2025, alongside the country’s first national anti-fraud strategy.
Canada is preparing for an audit by Paris-based global financial crime watchdog Financial Action Task Force in November. This will include an assessment of the country’s systems in place to reduce financial crime.
Canada will be one of the first countries to be evaluated under new, more stringent criteria from the FATF. The Federation of Law Societies of Canada recently issued a defence of the country’s AML regime as it applies to the legal profession.
The country already has an agency dealing with financial crime, FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). The organization is classed as the nation’s FIU (Financial Intelligence Unit).
We hope you enjoyed reading this article
If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!
