Canada Moves to Launch Financial Crimes Agency with Bill C-29

Canada has introduced Bill C-29 to create a national Financial Crimes Agency under the Finance Minister.

Canada took a significant step against financial crime by tabling Bill C-29, setting in motion the creation of the federal Financial Crimes Agency (FCA). The agency, placed under oversight of the Minister of Finance, is designed to centralize and strengthen investigation of serious and complex financial infractions, such as money laundering and offenses affecting the nation's financial system integrity.

• The FCA’s mandate explicitly includes crimes relating to both traditional and digital assets, as well as activities undermining the security or integrity of Canada’s financial markets.
• The FCA will be authorized to open offices across the country, while its headquarters will be in the National Capital Region. The Commissioner will serve up to five years, with eligibility for reappointment.
• The agency receives initial funding of CAD 352.7 million over five years, as outlined in the 2026 Spring Economic Update, which is also supporting the Public Prosecution Service of Canada and the Department of Finance.
• The FCA will hold broad investigatory powers, with authority to probe any offense under Parliament’s jurisdiction when related to financial crime, and competence to collaborate and share information with diverse partners through contracts and agreements.

Transparency International Canada welcomed the proposal. "The Government is proposing an ambitious but realistic mandate for this Agency, which bodes well as a much-needed first step in improving our enforcement of financial crimes," said Salvator Cusimano, executive director.

The FCA’s creation also includes a mandatory five-year review on its operations and impact, underscoring the government’s commitment to both effectiveness and oversight.

While operational specifics and investigative selection criteria remain pending, legal and corporate compliance teams should monitor developments closely as the FCA structure and authorities come into focus.

Yes, but: Full details about FCA staffing and timelines for becoming fully operational have not yet been disclosed.

What's next: Bill C-29 is at first reading; operational details and implementation dates will follow parliamentary review.