Financial Crime World

Financial Crime Prevention Strategies Key to Keeping Canadians Safe, Secure and Prosperous

Ottawa, Ontario - March 3, 2023

The Threat of Financial Crimes to Canada

The threat of financial crimes to the safety, security, and quality of life of Canadians cannot be overstated. Organized crime relies on laundered proceeds to fund their illegal activities, putting people and communities at risk and threatening the integrity of our financial system and economy.

Strengthening Canada’s Response to Money Laundering and Financial Crimes

To combat this menace, the Financial Crime Coordination Centre (FC3) has been working closely with law enforcement agencies and international partners to strengthen Canada’s response to money laundering and other financial crimes. This year’s Spin Cycle conference brought together over 1,000 investigators, prosecutors, and experts from across the country to share best practices and discuss emerging issues.

Key Findings and Implications

The event featured 18 presentations on topics such as:

  • Asset recovery
  • Information sharing
  • The upcoming parliamentary review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act
  • Brock Martland, Senior Commission Counsel of the Cullen Commission of Inquiry into Money Laundering in British Columbia, delivered the keynote address, highlighting key findings and implications.

Government Investments to Combat Financial Crime

The Government of Canada has made significant investments to combat financial crime, including:

  • $319.9 million since 2019
  • Funding for data resources, financial intelligence, information sharing, and investigative capacity to support money laundering investigations in Canada

Establishment of the Canadian Financial Crimes Agency (CFCA)

In addition, the government announced plans to establish a new Canadian Financial Crimes Agency (CFCA) to investigate complex crimes and conduct a comprehensive review of the anti-money laundering (AML) regime. The CFCA will become the lead federal enforcement entity responsible for investigating these crimes.

Beneficial Ownership Registry

To counter the misuse of anonymous companies for money laundering, tax evasion, and other financial crimes, the government is accelerating its commitment to implement a public and searchable beneficial ownership registry by 2023.

FATF Assessment

The Financial Action Task Force (FATF) recently assessed Canada’s progress in improving compliance with international AML standards and found that significant strides have been made since the last evaluation in 2016. The government remains committed to strengthening its anti-money laundering and anti-terrorist financing regime to keep Canadians safe, secure, and prosperous.

Ministerial Statement

“We must turn off the taps of organized crime by tackling money laundering and other financial crimes,” said Minister of Public Safety Marco Mendicino. “The Spin Cycle conference brings together world leaders on this critical issue, allowing us to learn from each other and make progress together.”