Bill C-29 — An Act to establish the Financial Crimes Agency and to make consequential amendments to certain Acts and Regulations — introduced on April 27, 2026, seeks to create Canada’s first federal agency dedicated exclusively to financial crime enforcement. Its mandate is to address complex, cross-border, and technology-enabled financial crime.

The Agency’s Jurisdiction Over Financial Crimes

If enacted, the Agency will be responsible for investigating serious and complex financial crimes that require interprovincial cooperation and specialized expertise.

The proposed definition of “financial crime” is broad, encompassing any offence under a federal law relating to financial assets, including digital assets, or to financial services or markets. This definition grants the Agency jurisdiction over a wide range of offences, including conduct that threatens or may threaten the security or integrity of Canada’s economy, financial system, or any financial market in Canada.

The Agency’s Mandate and Powers

The Agency will have the expertise and resources necessary to investigate serious and complex financial crimes, assist in the recovery of proceeds of crime, and participate in international efforts to combat financial crime.

The Act authorizes the Commissioner to initiate an investigation on their own initiative, upon request from any law enforcement agency in Canada or abroad, or any public authority in Canada or abroad that is empowered to conduct investigations, or in collaboration with such bodies or authorities.

Agreements for Information Sharing and Investigative Cooperation

The Agency will have the authority to enter into agreements or other arrangements with individuals, organizations, government bodies or other entities, either on behalf of His Majesty in Right of Canada or in its own name. Such agreements or arrangements may relate, among other things, to the exchange of information concerning financial crimes or to cooperation in the investigation of financial crimes.

Key Takeaways

Bill C-29 signals a shift toward a more centralized and robust Canadian financial crime enforcement regime. Its adoption could lead to an increase in investigations involving fraud, money laundering, corruption, economic sanctions violations, and securities market misconduct, as well as enhanced coordination among law enforcement and regulatory authorities.

Businesses operating in regulated sectors should expect heightened scrutiny and should review their compliance framework, reporting procedures, and internal investigation procedures to ensure they are well positioned to respond to regulatory and law enforcement requests.