MPs are demanding Prime Minister Justin Trudeau detail a financial crime busting program he promised three years ago, according to Blacklock’s Reporter. “In Budget 2022, the government announced its intention to create a Canada Financial Crimes Agency (CFCA) — a commitment that was reiterated in Budget 2023,” said the House of Commons Foreign Affairs Committee (CFAC) in a statement. “The Department of Finance informed the committee that the Department of Public Safety was ‘developing options for the potential scope and mandate of such an agency.’”Creation of the CFCA was first proposed in the Liberals’ 2021 re-election platform. The CFAC urged cabinet this spring to “provide details on the structure and mandate of the proposed Canada Financial Crimes Agency.” Cabinet did not comment. The Liberals promised in 2021 it would spend $50 million per year on stopping financial crimes. It alleged fraud, money laundering, insider trading, organized crime and other financial crimes “put Canadians at risk and put our economy at risk.”“A re-elected Liberal government will establish Canada’s first ever nationwide agency whose sole purpose is to investigate these highly complex crimes and enforce federal law in this area,” said the Liberals. “Coupled with an investment of $200 million over the next four years and new federal powers, this agency will bring together under one roof existing law enforcement resources of the RCMP, the intelligence capabilities of the Financial Transactions and Reports Analysis Centre and expertise of the Canada Revenue Agency.”Finance Canada Acting Senior Director of Financial Crimes Governance Jeremy Weil said in June the CFCA would be detailed last fall, which it was not. “Sanctions evasion as a financial crime just like fraud, money laundering and terrorism financing is in the universe of the potential sorts of crimes that such an agency could potentially provide support on,” said Weil.Cabinet called on consultants to help it create the CFCA in March. READ MORE: Cabinet calls for consultants to create Financial Crimes AgencyPublic Safety Canada (PSC) said work will continue into 2024. “The Department of Public Safety has a requirement for a contractor to conduct research, analysis and undertake key stakeholder interviews in order to develop a final report outlining options for the organizational design of the Canadian Financial Crimes Agency,” said PSC.
MPs are demanding Prime Minister Justin Trudeau detail a financial crime busting program he promised three years ago, according to Blacklock’s Reporter. “In Budget 2022, the government announced its intention to create a Canada Financial Crimes Agency (CFCA) — a commitment that was reiterated in Budget 2023,” said the House of Commons Foreign Affairs Committee (CFAC) in a statement. “The Department of Finance informed the committee that the Department of Public Safety was ‘developing options for the potential scope and mandate of such an agency.’”Creation of the CFCA was first proposed in the Liberals’ 2021 re-election platform. The CFAC urged cabinet this spring to “provide details on the structure and mandate of the proposed Canada Financial Crimes Agency.” Cabinet did not comment. The Liberals promised in 2021 it would spend $50 million per year on stopping financial crimes. It alleged fraud, money laundering, insider trading, organized crime and other financial crimes “put Canadians at risk and put our economy at risk.”“A re-elected Liberal government will establish Canada’s first ever nationwide agency whose sole purpose is to investigate these highly complex crimes and enforce federal law in this area,” said the Liberals. “Coupled with an investment of $200 million over the next four years and new federal powers, this agency will bring together under one roof existing law enforcement resources of the RCMP, the intelligence capabilities of the Financial Transactions and Reports Analysis Centre and expertise of the Canada Revenue Agency.”Finance Canada Acting Senior Director of Financial Crimes Governance Jeremy Weil said in June the CFCA would be detailed last fall, which it was not. “Sanctions evasion as a financial crime just like fraud, money laundering and terrorism financing is in the universe of the potential sorts of crimes that such an agency could potentially provide support on,” said Weil.Cabinet called on consultants to help it create the CFCA in March. READ MORE: Cabinet calls for consultants to create Financial Crimes AgencyPublic Safety Canada (PSC) said work will continue into 2024. “The Department of Public Safety has a requirement for a contractor to conduct research, analysis and undertake key stakeholder interviews in order to develop a final report outlining options for the organizational design of the Canadian Financial Crimes Agency,” said PSC.
