More than a paper tiger

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Transparency International Canada Outlines Priorities for the Canadian Financial Crimes Agency ​

Transparency International Canada has released a report highlighting three key priorities for the successful establishment of the Canadian Financial Crimes Agency (CFCA). ​ The agency aims to combat financial crimes like money laundering, corruption, and foreign bribery. ​

The report emphasizes the need for the CFCA to act as both an enforcement and coordination body, with sufficient resources to ensure credible operations. ​ It calls for a broad legislative mandate to include predicate crimes such as securities fraud and corruption, alongside anti-money laundering efforts. ​ Transparency and public accountability are highlighted as essential for the agency’s effectiveness. ​

The report also recommends learning from successful models like Quebec’s UPAC, Australia’s ACIC, and the UK’s NCA to guide the CFCA’s operations. Adequate funding and a clear mandate are deemed critical to avoid inefficacy and ensure Canada becomes a global leader in fighting financial crimes.