Transparency International (TI) Canada releases its white paper on how Canada can develop a national financial crime agency.
Over the last two decades Canada has been criticized at home and internationally for its weak enforcement record in response to money laundering, foreign bribery, sanctions enforcement, and other criminal offences that could fall under the broad category of ‘financial crime’.
Through mandate letters and budgets, the Government of Canada has stated its intention to establish a Canadian Financial Crimes Agency (CFCA). In the 2023 federal budget, the government indicated that the CFCA should focus on investigations, enforcement, convictions, and asset seizures, specifically related to money laundering.
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In this white paper, TI Canada considers how the proposed CFCA could contribute to Canada’s anti-corruption efforts. We propose a broader scope for a CFCA than what the government appears to be moving towards.
First, TI Canada recommends the government consider extending the scope of ‘financial crime’ within the enforcement mandate of the CFCA to include the predicate crimes which create the impetus for money laundering, including corruption and fraud.
Second, TI Canada recommends that the CFCA be both an enforcement body as well as a coordination body. In examining how a coordination body could work in Canada, this white paper examines the examples of the Australian Criminal Intelligence Commission and the UK National Crime Agency.
Finally, this white paper provides a non-comprehensive list of the agencies responsible for enforcing the legislation targeting the offenses noted in the United Nations Convention on Anti-Corruption.
This white paper is not intended to be a conclusive argument, but rather contribute to the ongoing conversation and analysis that Government of Canada and anti-corruption experts are having about how to improve Canada’s ability to fight corruption.
Join the authors of the white paper for a discuss on Thursday May 18 at 12pm EST – 1pm
James Cohen – Executive Director, Transparency International Canada
Julia Webster – Partner, Baker Mackenzie
Denis Muenier – President, Dmeunier Consulting Inc.
Jennifer Quaid – Associate Professor & Vice-Dean Research, Civil Law Section, Faculty of Law, University of Ottawa