Financial crimes are a significant threat to the safety, security and quality of life of Canadians.

“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

• 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

• Financial Crime Coordination Centre (FC3)
• Financial Crime Coordination Centre Co-leads Financial Action Task Force Report on Money Laundering from Synthetic Opioids
• Government of Canada welcomes final report of the Commission of Inquiry into Money Laundering in British Columbia
• Strengthening Canada’s anti-money laundering regime through collaboration and capacity building
• Government of Canada Leads National Response to Money Laundering and Terrorist Financing
• Government of Canada invests $98.9M over five years to modernize the RCMP and strengthen its foundations to help fight money laundering and identify proceeds of crime

Audrey Champoux
Press Secretary
Office of the Minister of Public Safety
Audrey.Champoux@ps-sp.gc.ca

Media Relations
Public Safety Canada
613-991-0657
media@ps-sp.gc.ca