The federal government has quietly introduced legislation to create a national financial crimes agency, reviving a long-standing Liberal campaign promise but leaving key questions about its structure unanswered.Blacklock's Reporter says Finance Minister François-Philippe Champagne tabled Bill C-29 in the House of Commons without comment, advancing plans first pitched during the 2021 election to establish a dedicated body to combat white-collar crime.The proposed law would create a new federal agency tasked with investigating complex financial offences, including money laundering, fraud and crimes involving digital assets. It would be led by a commissioner and supported by staff with specialized expertise.Officials say the agency will work closely with the Royal Canadian Mounted Police, though the exact relationship remains unclear.RCMP Chief Supt. Michael Saghbini told a Commons committee earlier this year that the Mounties expect to play a role but have little clarity on how the new organization will operate.“We do know we will be part of it,” Saghbini said, adding the RCMP would provide support where needed.The Liberal platform in 2021 promised a $200 million-per-year agency that would consolidate expertise from multiple departments, including forensic auditors from the Canada Revenue Agency and intelligence capabilities from the Financial Transactions and Reports Analysis Centre of Canada..However, Bill C-29 makes no explicit reference to those agencies being formally integrated into the new structure.Champagne has previously argued that Canada needs a more specialized approach to tackling sophisticated financial crime, pointing to models in other countries.“You need something different,” he said last fall, referencing international counterparts such as financial crime units in the United Kingdom and the United States.The legislation would allow the new agency to enter into arrangements with the RCMP for investigative support, but details on funding, staffing and operational scope have yet to be fully outlined.The move comes amid ongoing concerns about Canada’s ability to combat money laundering and organized financial crime, issues critics say have not been adequately addressed under existing enforcement frameworks.Bill C-29 now heads into the legislative process, where MPs are expected to press for more clarity on how the agency will function and whether it will deliver on the government’s promise to crack down on complex financial crimes.
