{"id":27519,"date":"2026-05-01T10:30:06","date_gmt":"2026-05-01T10:30:06","guid":{"rendered":"https:\/\/www.europesays.com\/canada\/27519\/"},"modified":"2026-05-01T10:30:06","modified_gmt":"2026-05-01T10:30:06","slug":"canada-cracks-down-on-white-collar-crime","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/canada\/27519\/","title":{"rendered":"Canada cracks down on white-collar crime"},"content":{"rendered":"<p class=\"dream-post-content-paragraph j6zgbu1\" style=\"--text-align:justify\">Ottawa wants to make \u201c<a href=\"https:\/\/endsnowwashing.ca\/what-is-snowwashing\" target=\"_blank\" rel=\"nofollow noopener\" class=\"_3k8pkd0\">snow-washing<\/a>\u201d a thing of the past.<\/p>\n<p class=\"dream-post-content-paragraph j6zgbu1\">Driving the news: The federal government is establishing a new <a href=\"https:\/\/www.theguardian.com\/world\/2026\/apr\/30\/canada-financial-crimes-agency-us-weakens-approach-cryptocurrency-atms-money-laundering\" target=\"_blank\" rel=\"nofollow noopener\" class=\"_3k8pkd0\">financial crime agency<\/a> that will be responsible for investigating money laundering, corruption, and other white-collar crimes in Canada. The Financial Crime Agency (FCA) will act as a standalone police force, with the power to investigate, arrest, and prosecute financial criminals.\u00a0<\/p>\n<p class=\"dream-post-content-paragraph j6zgbu1\">In this week&#8217;s spring economic update, the feds earmarked $352 million to get the FCA up and running over the next five years.<\/p>\n<p class=\"dream-post-content-paragraph j6zgbu1\">Catch-up: These types of crimes have historically been handled by Fintrac and the RCMP, but neither has had the authority or resources to really go after financial criminals. Fintrac can only issue relatively small fines and simply hands off its investigation findings to police.\u00a0<\/p>\n<p class=\"dream-post-content-paragraph j6zgbu1\">A federal intelligence commission wrote in a 2023 report that the RCMP\u2019s wide mandate has meant money laundering and other financial crime cases \u2014 which are often complex and time-intensive \u2014 are slipping through the cracks.\u00a0<\/p>\n<p class=\"dream-post-content-paragraph j6zgbu1\">Why it matters: Up to $130 billion of dirty money <a href=\"https:\/\/www.readthepeak.com\/p\/04-24-canada-has-mob-ties-and-a-money-laundering-problem\" target=\"_blank\" rel=\"nofollow noopener\" class=\"_3k8pkd0\">flows<\/a> through Canada\u2019s financial system every year, <a href=\"https:\/\/www.theguardian.com\/world\/2018\/feb\/14\/canada-corruption-snow-washing-investigation-private-companies?utm_campaign=fines-set-to-surge-for-money-laundering-crimes&amp;utm_medium=referral&amp;utm_source=www.readthepeak.com\" target=\"_blank\" rel=\"nofollow noopener\" class=\"_3k8pkd0\">earning<\/a> the country a reputation as a money laundering haven. Having a dedicated agency focused on investigating and prosecuting these types of cases could turn around that bad rap.\u00a0<\/p>\n<p class=\"dream-post-content-paragraph j6zgbu1\">Bottom line: In the 2023-24 fiscal year, Fintrac flagged <a href=\"https:\/\/www.cbc.ca\/news\/politics\/liberals-new-police-agency-financial-crime-9.7181929\" target=\"_blank\" rel=\"nofollow noopener\" class=\"_3k8pkd0\">$44 billion<\/a> in transactions that were likely tied to money laundering, terrorist financing, or other financial crimes. If that money were clean and contributing to Canada\u2019s economy, it would likely be a top 20 sector for the country\u2019s GDP.\u2014LA<\/p>\n","protected":false},"excerpt":{"rendered":"Ottawa wants to make \u201csnow-washing\u201d a thing of the past. Driving the news: The federal government is establishing&hellip;\n","protected":false},"author":2,"featured_media":27520,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[525,17,4122,116],"class_list":{"0":"post-27519","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-canada","8":"tag-business","9":"tag-canada","10":"tag-media","11":"tag-news"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/27519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/comments?post=27519"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/27519\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/27520"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=27519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=27519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=27519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}