The Government of Canada is taking bold action to counter criminal threats, protect Canadians, and ensure that crime doesn't pay. The exploitation of the financial system to launder illicit proceeds supports and perpetuates crimes such as fraud, theft, and extortion, while fueling the drugs, gangs, and violence that threaten the safety of our communities.
Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, attended the Payments Canada Summit where he highlighted new measures in the Spring Economic Update designed to fight financial crimes and protect Canadians and their hard-earned money.
As first announced in Budget 2025, the government is proposing the creation of the Financial Crimes Agency, Canada's first-ever federal law enforcement agency dedicated to investigating sophisticated financial crimes like fraud and money laundering, and to recovering illicit proceeds. On April 27, 2026, legislation to enact the new Agency was tabled, and funding was proposed in the Spring Economic Update.
Law enforcement needs accurate and timely financial intelligence to fight rising levels of extortion that threaten the safety of our communities and the livelihood of small business owners. As the government continues to step up its focus on this issue, and building on measures announced on February 19, 2026, the Spring Economic Update proposed to provide $17.9 million in new funding for the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to prioritize the detection, deterrence, and disruption of the illicit financing that supports extortion.
The Spring Economic Update also proposed to ban crypto ATMs to protect Canadians from fraud, crack down on scammers, and fight the financial crimes that support and enable drug trafficking, extortion, and other economically motivated crimes. The government is moving to target the highest risk tool for criminals, while also recognizing that blockchain technologies have exciting use cases for consumers and businesses. For example, the government remains committed to its goal of facilitating the responsible adoption of stablecoins by implementing the Stablecoin Act. Canadians can continue to use brick-and-mortar and online regulated platforms for cryptocurrency, which offer a safer and more transparent environment where "know your client" controls intended to identify and report on suspicious transactions can be better ensured.
The government is also developing Canada's first-ever National Anti-Fraud Strategy, which aims to advance anti-fraud efforts across the financial and telecommunications sectors, and digital platforms. New consumer protections were introduced in the Bank Act, giving consumers more control over their bank accounts, and a public consultation was recently held to gather feedback on potential measures. Updates on the development of the Strategy will follow in the coming months.
Together, these actions build on broader federal measures to combat organized crime and protect Canadians, including significant investments to strengthen RCMP investigative capacity, and enhanced coordination with law enforcement and intelligence partners.
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