QUESTION PERIOD — Public Safety
Financial Crimes
June 25, 2025
Senator Gold, Bill C-2, the strong borders act was introduced last month. It includes proposed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act aimed at strengthening Canada’s legal framework through enhanced penalties and improved supervisory collaboration.
We recently learned that between 2020 and 2024, approximately 2.6 million suspicious financial transactions were reported to the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC. In 2021, the government committed to establishing the first-ever national agency exclusively dedicated to investigating complex financial crimes and enforcing federal laws in this area.
Can you confirm whether the current government still intends to create this agency? If so, when and where can we expect to see the corresponding funding requirements reflected in the estimates?
Thank you for the question, senator.
I cannot speculate on any future funding announcements, but I can say that this government remains committed to cracking down on money laundering and stopping the cash flow accruing to organized crime so that organized crime can be deprived of those illegal profits. That’s why, among other reasons, the government introduced provisions in Bill C-2 to ensure that law enforcement has the tools that will be required to do that job.
World leaders were in Canada recently for the G7 summit to address several issues, including international peace and security and global economic stability. Was Canada successful in using its G7 presidency to highlight the threats from illicit finance and to propose the development of a call to action to address criminal activity that impacts the financial sector and national security?
Thank you for your question.
I’ve been advised that as part of the G7 Finance Ministers and Central Bank Governors’ Communiqué, there was a commitment to remain steadfast in tackling financial crime, including money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction. The government will continue this important work.
