In a news release tied to Finance Minister François-Philippe Champagne’s remarks at the Payments Canada Summit, Department of Finance Canada highlighted Spring Economic Update measures aimed at money laundering, fraud and extortion. The measures restated in the release include funding for a new Financial Crimes Agency, additional resources for the Financial Transactions and Reports Analysis Centre of Canada to target extortion financing, a proposed ban on crypto ATMs, and continued work on a National Anti-Fraud Strategy alongside new Bank Act consumer protections. To establish the Financial Crimes Agency, the update proposes CAD 352.7 million over five years starting in 2026-27, with CAD 57.8 million in remaining amortization and CAD 82.1 million ongoing, alongside CAD 46.2 million over five years and CAD 11.5 million ongoing for the Public Prosecution Service of Canada and CAD 19.6 million over five years and CAD 1.5 million ongoing for Department of Finance Canada. Legislation to create the agency was tabled on April 27, 2026. FINTRAC would receive CAD 17.9 million in new funding to prioritize the detection, deterrence and disruption of illicit financing linked to extortion, building on the minister’s February 19, 2026 direction to focus financial intelligence resources on extortion, launch the Countering Extortion Partnership, assign experts to support police, issue guidance to financial institutions and publish intelligence on extortion money flows. The release also says legislation is expected shortly to implement a ban on crypto ATMs, which it describes as a high-risk channel for fraud and illicit cash placement. It cites studies finding that 85 to 98 per cent of crypto ATM transactions are linked to illicit activity and estimates that fraud facilitated by crypto ATMs caused CAD 142 million to CAD 284 million in losses in 2024. Separately, Bill C-15 has amended the Bank Act to require banks to maintain fraud detection and prevention policies, obtain express consent before enabling prescribed transfer and payment capabilities on personal deposit accounts, allow customers to adjust transaction limits and report fraud-related data to the Financial Consumer Agency of Canada. Updates on the National Anti-Fraud Strategy are expected in the coming months.
Department of Finance (Canada) 2026-05-06
Department of Finance Canada highlights Spring Economic Update measures including CAD 352.7 million for a new Financial Crimes Agency and a proposed ban on crypto ATMs
The Department of Finance Canada’s Spring Economic Update includes measures to combat money laundering, fraud and extortion, such as legislation to create a new Financial Crimes Agency with multi-year funding, more resources for the Financial Transactions and Reports Analysis Centre of Canada, and continued work on a National Anti-Fraud Strategy. The government also plans legislation to ban crypto ATMs, citing studies that 85 to 98 per cent of related transactions are illicit and caused CAD 142 million to CAD 284 million in losses in 2024.