The Government of Canada tabled Bill C-29, the Financial Crimes Agency Act, on April 27, 2026. The legislation responds to longstanding criticism of Canada’s fragmented approach to tackling complex financial crimes, including money laundering and sanctions-related offences and fraud, with enforcement currently spread across multiple federal and provincial bodies.
If passed, the bill would create a new specialized federal law enforcement agency, the Financial Crimes Agency (the FCA), with a mandate to investigate serious and complex financial crimes and contribute to recovering proceeds of crime. Creating a dedicated federal agency with broad investigative powers and authority — including over digital assets — will help address longstanding criticism that Canada cannot effectively fight financial crimes.
The bill defines “financial crime” broadly to include any offence under a federal act relating to financial assets or financial services or markets, encompassing money laundering, proceeds of crime, and offences that adversely affect the integrity of Canada’s economy or financial system.
The FCA would be headed by a commissioner appointed by the federal cabinet, reporting to the Minister of Finance, for a renewable term of up to five years. Commissioners may commence investigations on their own initiative or in collaboration with any law enforcement agency or public body in or outside Canada. The FCA would also be able to enter into arrangements with any person or entity to share information and collaborate in investigating financial crimes.
Moreover, the FCA would be added to sanctions-related federal information-sharing frameworks, including the Special Economic Measures Act and the Justice for Victims of Corrupt Foreign Officials Act, and the national security review process under the Investment Canada Act.
Organizations with anti-money laundering and anti-terrorist financing obligations should view Bill C-29 as an indication the government intends to strengthen its capacity to investigate and disrupt complex financial crime. For institutions maintaining effective compliance programs, this is a shift toward improving enforcement tools and coordination rather than introducing new compliance burdens.
We will continue to monitor the bill’s progress through Parliament.
