Canada Takes Aim at Financial Crime Investigation with Enhanced Methods
A Tough Stance on Financial Crime
The Government of Canada has committed to taking a strong stance against financial crime, particularly money laundering, which it considers a significant threat to national security and the global economy. Since 2019, Ottawa has invested heavily in strengthening its anti-money laundering (AML) regime, allocating $319.9 million to modernize laws, improve inter-agency cooperation, and equip law enforcement with tools and expertise to investigate financial crimes.
Financial Crime Coordination Centre (FC3)
At the heart of this effort is the FC3, a five-year pilot initiative launched in 2019 with $24 million in funding. The FC3 brings together anti-money laundering professionals from across jurisdictions to share knowledge, resources, and best practices in identifying and combating money laundering schemes.
Online Knowledge Hub Portal
The FC3 has also established an online Knowledge Hub Portal, accessible only to authorized professionals, which provides:
- Training
- Analysis of emerging threats
- Legislative updates
- Practical information to support investigative efforts
This portal has already become a valuable resource for anti-money laundering professionals across Canada.
Strengthening Partnerships with Law Enforcement Agencies
The Government has also strengthened its partnerships with law enforcement agencies, including the Royal Canadian Mounted Police (RCMP), which has launched several high-profile investigations into money laundering schemes. Recent cases have seen individuals and businesses charged with money laundering-related offenses, sending a strong message that financial crime will not be tolerated in Canada.
Consulting on Proposals to Strengthen Corporate Beneficial Ownership Transparency
The Government has also consulted with stakeholders on proposals to strengthen corporate beneficial ownership transparency and review its anti-money laundering and anti-terrorist financing regime. These efforts are aimed at disrupting the flow of illicit funds and preventing further financial crimes.
Reporting Suspected Financial Crimes
Canadians can report suspected financial crimes to the authorities or seek more information on the FC3’s initiatives by visiting their website. Together, we can work towards a safer and more secure financial system for all Canadians.