Strengthening Canada’s response to financial crime

News release

March 3, 2023 - Ottawa, Ontario

Financial crimes are a significant threat to the safety, security and quality of life of Canadians. Organized crime relies on laundered proceeds to support their illegal activities, which harm people and communities and put the integrity of our financial system and economy at risk.

Today marks the conclusion of the Financial Crime Coordination Centre (FC3)’s second annual Spin Cycle conference. The event brought together more than 1,000 investigators, prosecutors and other experts from across Canada to discuss emerging issues, best practices and innovative solutions. The week-long event supports the Government’s efforts to strengthen the Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime, through improved inter-agency collaboration and capacity building.

This year’s agenda was informed by the AML community. Eighteen presentations from domestic and international experts covered topics like asset recovery, information sharing, the upcoming Parliamentary Review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the new Canada Financial Crimes Agency (CFCA), announced in Budget 2022. FC3 was also pleased to welcome Brock Martland, Senior Commission Counsel of the Cullen Commission of Inquiry into Money Laundering in British Columbia to deliver the keynote address. His remarks highlighted the Commission’s key findings and its implications.

Working closely with law enforcement and other domestic and international partners, the Government of Canada is strengthening our country’s response to money laundering and other types of financial crime.


“To fight organized crime, we must turn off the taps – and that means taking aim at money laundering and other financial crimes. Spin Cycle brings together world leaders on this important issue, so they can learn from each other and make progress together. I would like to thank all of the presenters and participants for their contributions to combatting financial crime and for making this year’s event another success.”

- The Honourable Marco Mendicino, Minister of Public Safety

Quick facts

  • The Financial Crime Coordination Centre (FC3) within Public Safety is a five-year pilot initiative to bolster Canada’s response to complex and fast-moving financial crimes through stronger coordination across all levels of government. FC3 is now operational and is supporting Anti-Money Laundering (AML) enforcement partners through: legislative and policy initiatives; enhancing training and expertise development; and operational support and guidance.

  • In May 2022, FC3 launched its Knowledge Hub Portal. The Portal features access to key resources and subject matter experts, and raises awareness of AML efforts and best practices across Canada. It also provides practical information to help analysts, investigators, prosecutors, and other professionals in their work.

  • Since 2019, the government has made investments of $319.9 million, with $48.8 million ongoing, to strengthen the federal Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime These investments strengthen data resources, financial intelligence, information sharing and investigative capacity to support money laundering investigations in Canada.

  • This includes $98.9 million for the RCMP to strengthen its Federal Policing capacity, with $19.8 million to staff new, specialized positions dedicated to investigating money laundering and proceeds of crime across the country, as well as approximately $28 million over four years and $10 million ongoing to create a Trade Fraud and Trade-Based Money Laundering (TBML) Centre of Expertise (COE) at the Canada Border Services Agency (CBSA).

  • In Budget 2022, the government announced further measures to bolster Canada’s ability to counter complex financial crimes, including by extending AML/ATF obligations to payment service providers and crowdfunding platforms. The Government also committed to develop a new Canadian Financial Crimes Agency (CFCA). The Agency will become the lead federal enforcement entity responsible for investigating these complex crimes and will conduct a comprehensive review of the Regime to address any gaps.

  • Additionally, to counter the misuse of anonymous Canadian companies for money laundering, tax evasion and other financial crimes, the government is accelerating by two years its commitment to implement a public and searchable beneficial ownership registry, which will now be accessible before the end of 2023. A first set of legislative amendments needed to stand up the registry received Royal Assent in June 2022.

  • An October 2021 assessment by the Financial Action Task Force affirmed that Canada made substantial progress in improving compliance with international AML/ ATF standards since its last evaluation in 2016.

Associated links


Audrey Champoux
Press Secretary
Office of the Minister of Public Safety

Media Relations
Public Safety Canada

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