Canada Launches National Anti-Fraud Strategy and New Financial Crimes Agency
Canada Launches National Anti-Fraud Strategy and New Financial Crimes Agency
Under budget 2025, Canada is launching its first-ever whole-of-government National Anti-Fraud Strategy alongside a new Financial Crimes Agency as revealed by the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, alongside the Honourable Gary Anandasangaree, Minister of Public Safety, the Honourable Wayne Long, Secretary of State (Canada Revenue Agency and Financial Institutions), and the Honourable Stephanie McLean, Secretary of State (Seniors), announced the nation’s first National Anti-Fraud Strategy and plans to establish a dedicated Financial Crimes Agency by spring 2026 to combat high-level financial crime.
Under new legislation, banks will be required to adopt stronger fraud-prevention policies and give consumers more control over their accounts. The new Financial Crimes Agency will investigate money laundering, organized crime, and online scams.
A new voluntary Code of Conduct for the Prevention of Economic Abuse will also guide banks in identifying and preventing financial exploitation - especially for seniors and other vulnerable groups.
Why This Matters
Financial scams are growing in scale and sophistication. Canadians lost $643 million to fraud in 2024, nearly 300% more than in 2020, and most cases go unreported.
These measures aim to restore trust and strengthen Canada’s financial systems by coordinating government action, improving enforcement, and protecting at-risk populations. The Financial Crimes Agency will centralize expertise to recover illicit funds and target complex fraud networks.
What This Means for the Industry
For Financial Institutions:
Banks will need to implement formal anti-fraud policies and follow the new Code of Conduct to detect and prevent financial abuse.
For Technology and Telecommunications Sectors:
Expect more collaboration with banks on secure infrastructure, fraud-detection tools, and compliance systems.
For Consumers and Vulnerable Groups:
Canadians will see stronger protections against scams and financial exploitation - with clearer paths for support and recourse.
