The Liberal government is moving to establish a new federal law enforcement body dedicated to tackling financial crimes, in what experts are calling a major overhaul of Canada’s policing framework.
Outlined in proposed legislation, the Financial Crimes Agency would be the country’s first specialized federal police force focused exclusively on investigating complex financial offences such as money laundering, fraud, and capital market crimes. The agency would also be tasked with tracing and recovering illicit funds tied to organized criminal networks.
Unlike the Royal Canadian Mounted Police, which currently handles such cases under its broad federal mandate, the new agency would operate independently with its own officers, investigators, and intelligence personnel. It would have full policing powers, including the ability to make arrests and execute search warrants.
The move comes amid growing concerns over the scale of financial crime in Canada. Federal data suggests that tens of billions of dollars in suspicious transactions are linked to money laundering and national security threats annually, while Canadians reported over $700 million in fraud losses in 2025 alone.
Experts say the initiative reflects long-standing gaps in enforcement. Analysts argue that the RCMP’s wide-ranging responsibilities — from local policing to national security — have stretched its resources, limiting its ability to focus on complex financial investigations.
Public Safety Minister Gary Anandasangaree emphasized that the new agency will bring a more targeted and “laser-sharp” approach to financial crime, particularly as such offences become increasingly transnational in nature.
The government has committed approximately $353 million over five years to launch the agency, with additional funding allocated to prosecutors and financial oversight bodies.
If passed, the legislation would mark one of the most significant changes to Canada’s federal policing structure in decades, shifting major financial crime investigations away from the RCMP and into a dedicated, specialized force.
