Financial Crime Prevention Strategies in Canada Take Center Stage

Government Commits to Strengthening Anti-Money Laundering Regime

Ottawa, Ontario - December 3, 2021

A week-long virtual conference on anti-money laundering enforcement efforts has concluded, bringing together over 850 experts from across Canada to discuss strategies for preventing financial crimes. The Financial Crimes Coordination Centre (FC3), a five-year pilot initiative launched in 2019, played host to the event.

Key Discussion Areas

Impact of COVID-19 on money laundering trends
Sophisticated tactics such as virtual currency use
Information sharing and investigational challenges
Prosecutorial perspectives and lessons learned

The FC3 is a significant step forward in strengthening Canada’s anti-money laundering regime, demonstrating the government’s commitment to combating financial crime. Since 2019, the Government of Canada has invested over $220 million to support efforts to:

Strengthening the Anti-Money Laundering Regime

Modernize legislation
Strengthen inter-agency cooperation
Equip law enforcement with necessary tools and expertise

The funding includes:

$24 million for the FC3 within Public Safety Canada
$28 million over four years and $10 million ongoing to create a Trade Fraud and Trade-Based Money Laundering Centre of Expertise at the Canada Border Services Agency
$98.9 million to strengthen the Royal Canadian Mounted Police’s Federal Policing capacity

Future Plans

Budget 2021 pledged to implement a publicly accessible corporate beneficial ownership registry by 2025, enhancing Canada’s ability to identify and prosecute those who attempt to launder money or commit other complex financial crimes.

“We are committed to working with our partners to ensure ongoing collaboration on issues of joint concern and responsibility,” said the Honourable Marco Mendicino, Minister of Public Safety. “As a former crown prosecutor, I understand the complexity of money laundering cases and the importance of coordination across agencies.”