Department of Finance Canada highlighted Spring Economic Update measures aimed at financial crimes, fraud, money laundering, and illicit proceeds.
The release built on Budget 2025, which announced $1.7 billion to strengthen the RCMP response to transnational organized crime, financial crimes, money laundering, intelligence, and national-security threats.
The Spring Economic Update proposed $17.9 million in new funding for FINTRAC to prioritize detection, deterrence, and disruption of illicit financing that supports extortion.
Finance Canada also referred to proposed funding for a Financial Crimes Agency, described as a federal law-enforcement agency dedicated to sophisticated financial crimes such as fraud and money laundering and to recovering illicit proceeds.
The listed funding included $352.7 million over five years, plus $82.1 million ongoing, for the Financial Crimes Agency; $46.2 million over five years and $11.5 million ongoing for the Public Prosecution Service of Canada; and $19.6 million over five years and $1.5 million ongoing for the Department of Finance Canada.
The release also cited Canadian Anti-Fraud Centre estimates related to crypto ATMs, saying Canadians were estimated to have lost between $142 million and $284 million due to fraud facilitated by crypto ATMs in 2024.
The measures focus on enforcement capacity: financial intelligence, investigation, prosecution, and asset recovery.