The federal government’s plan to create a national agency dedicated to tackling financial crimes appears to be in limbo, despite repeated promises dating back to the 2021 Liberal campaign platform, says Blacklock's Reporter.During Senate Question Period, Sen. Tony Loffreda, a former Royal Bank vice chair, asked for clarity on the status of the proposed Canadian Financial Crimes Agency, which the Liberals had pledged would coordinate efforts between the RCMP, Canada Revenue Agency and other enforcement bodies.“In 2021, the government committed to establishing the first-ever national agency dedicated exclusively to investigating complex financial crimes and enforcing federal laws in this area,” said Loffreda..He pointed to figures obtained through Access to Information showing roughly 2.6 million suspicious financial transactions were flagged between 2020 and 2024.“Can you confirm whether the current government still intends to create this agency?” Loffreda asked. “If so, when and where?”Sen. Marc Gold, the Government Representative in the Senate, declined to provide a clear answer. “I cannot speculate,” he said, though he added the government “remains committed to cracking down on money laundering and to stop the cash flow accruing to organized crime.”.The 2021 Liberal platform, Forward For Everyone, promised the creation of a new agency with $200 million in spending over four years and a mandate to address fraud, money laundering, insider trading, and organized crime. It was to bring together enforcement and intelligence expertise from multiple federal departments and agencies.Despite repeated mentions in 2022 and 2023 budget documents, no legislation to establish the agency has been introduced. A 2024 consultants’ report prepared to support the proposal has not been released to the public. The Department of Finance has said only that it is “developing options” for the potential scope of such an agency.Finance Minister François-Philippe Champagne made no mention of the proposed agency during a May 22 announcement on a G7 financial crime initiative, saying only, “I can think about tackling financial crime.”
