Department of Finance Canada announced a package of Budget 2025 measures aimed at tackling financial scams and abuse, including Canada’s first whole-of-government National Anti-Fraud Strategy, proposed legislative changes for banks, and the creation of a new Financial Crimes Agency. As an initial step under the strategy, legislative amendments would require banks to maintain policies to prevent and address fraud and would give consumers more control over their bank accounts. The government also signalled further policy work across sectors including technology and telecommunications, building on industry initiatives such as the Canadian Anti-Scams Coalition. A new Financial Crimes Agency would be established to investigate sophisticated financial crimes, including complex money laundering, organized criminal activity and online financial scams, and to recover illicit proceeds. Separately, the government will work with stakeholders and banks to develop a voluntary Code of Conduct for the Prevention of Economic Abuse, overseen by the Financial Consumer Agency of Canada, to set expectations for how financial institutions identify, prevent, and respond to economic abuse. Legislation to establish the Financial Crimes Agency is expected to be introduced by Spring 2026, led by the Minister of Finance and National Revenue working with the Ministers of Justice and Public Safety.

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