New financial crime agency aims to improve Canada’s enforcement regime
The Canadian government has introduced legislation to establish the Financial Crimes Agency, a new federal law enforcement body aimed at strengthening the country's response to financial crimes like money laundering and corruption. Experts say the agency signals a stronger commitment to enforcement, though its effectiveness will depend on implementation and coordination with existing bodies like the RCMP. The initiative is backed by $352.7 million over five years and includes measures such as banning cryptocurrency ATMs and enhancing prosecutorial capacity.
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Open this photo in gallery:Bitcoin is for sale at an ATM at the Westfield Garden State Plaza shopping mall in Paramus, New Jersey, in March, 2023.Ted Shaffrey/The Associated PressShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountThe creation of a new federal law enforcement agency focused on financial crimes signals that Canada is trying to get serious about tackling the issue, but the agency’s success hinges on execution, experts say.The government introduced legislation to establish the long-awaited Financial Crimes Agency on April 27, after a 2021 Liberal campaign promise.Historically, Canada has had low prosecution rates when it comes to financial crimes said Léon Moubayed, a partner in the investigations and white-collar defence and dispute-resolution…
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