The Canadian federal government is set to unveil its first national anti-fraud strategy and establish a new financial crime agency. Finance Minister François-Philippe Champagne made the announcement on Monday, emphasizing the need for unprecedented actions to protect financially vulnerable Canadians. The strategy will be introduced as part of the upcoming federal budget, scheduled for release on November 4.

During a news conference in Ottawa, Champagne outlined the government's plans to enhance policies across the technology, telecommunications, and financial sectors to combat financial fraud. This initiative follows a recent roundtable in Washington, where he met with G7 counterparts, the FBI, and the CEO of the Canadian Bankers Association to discuss effective strategies against financial fraud.

“I want Canada to be best in class. That’s why we’ve been consulting with (other countries),” Champagne stated. He expressed a commitment to targeting organized crime and those who defraud Canadians. The proposed financial crime agency will serve as the primary enforcement body for addressing financial crimes, including fraud and money laundering, and for recovering criminal proceeds. Champagne noted the importance of specialized personnel, referencing successful models like the financial crime unit in the United Kingdom and FBI units.

The government also plans to collaborate with banks to create a code of conduct aimed at preventing economic abuse. This initiative is designed to help banks better identify, prevent, and respond to such issues.

According to the Canadian Anti-Fraud Centre, over 23,000 Canadians reported losses totaling $544 million due to fraud as of September 30. The centre highlighted significant increases in bank investigator fraud and phishing, which rose by 16.5% and 6.8%, respectively, in 2024.

The announcement comes as the minority government seeks support in Parliament to advance its financial agenda. Champagne described the initiative as a “big bold step” in response to increasingly sophisticated scams, such as ghost texts and phishing emails, which are affecting more Canadians. The Canadian Anti-Fraud Centre reported that Canadians lost an estimated $643 million to fraud in 2024, a nearly threefold increase since 2020, with only a small percentage of scams being reported.

Among the proposed measures is an amendment to the Bank Act, which would require banks to implement policies to prevent and address fraud. “Fighting financial crime in the 21st century is something very complex,” Champagne remarked, reiterating his goal for Canada to lead in this area. The announcement was made alongside Public Safety Minister Gary Anandasangaree and other officials involved in financial oversight.