Canada is poised to take a major step forward in its fight against financial crime, with the introduction of a new law enforcement agency aimed at tackling money laundering and other illicit activities. The proposed Financial Crimes Agency (FCA) is a direct response to a public inquiry that found Canada's lack of an anti-money-laundering strategy had left the country vulnerable to financial crimes. In contrast to the US, where federal investigators have been weakened and even convicted money launderers have received pardons, Canada is moving swiftly to establish a powerful new agency to investigate and prosecute financial crimes. The creation of the FCA is expected to be a major blow to those who seek to exploit Canada's financial system for illicit purposes, and marks a significant shift in the country's approach to tackling financial crime.
Cryptocurrency ATMs also face ban, after public inquiry found Canada lacked anti-money-laundering strategyCanada is to establish a new and powerful law enforcement agency to investigate financial crime, in stark contrast to the US, where weakened federal investigators have struggled to pursue fraudsters and the White House has pardoned convicted money launderers.A bill to create the Financial Crimes Agency (FCA) completed its first reading in parliament this week. The legislation was introduced by the governing Liberals and with their parliamentary majority, the party is likely to move it through both levels of government quickly. Continue reading...
