Canada has announced a sweeping set of reforms to tackle the rise in financial scams and abuse, unveiling a new National Anti-Fraud Strategy and plans to create a Financial Crimes Agency.
The announcement came from the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, alongside the Honourable Gary Anandasangaree, Minister of Public Safety, the Honourable Wayne Long, Secretary of State for the Canada Revenue Agency and Financial Institutions, and the Honourable Stephanie McLean, Secretary of State for Seniors. The measures, introduced under Budget 2025, aim to strengthen protections for Canadians against increasingly sophisticated forms of financial crime.
According to the Canadian Anti-Fraud Centre, citizens lost $643m to scams in 2024 — a staggering 300% rise since 2020. Yet, only 5–10% of incidents are reported, highlighting the scale of unaddressed fraud in the country. Vulnerable groups such as seniors, newcomers, and lower-income households are disproportionately affected.
To address this, the government’s first-ever whole-of-government National Anti-Fraud Strategy will set new expectations for both the public and private sectors. Legislative amendments will require banks to implement stronger fraud prevention policies and grant consumers greater control over their financial accounts. The government will also work with the technology and telecommunications industries to introduce broader anti-fraud safeguards.
A major element of the plan is the creation of a new Financial Crimes Agency, designed to centralise expertise and coordinate efforts across jurisdictions. The agency will lead investigations into money laundering, organised criminal activity, and online financial scams, as well as pursue the recovery of illicit proceeds. Legislation to establish the agency is expected by spring 2026.
Additionally, a new voluntary Code of Conduct for the Prevention of Economic Abuse will be developed with stakeholders and financial institutions. Overseen by the Financial Consumer Agency of Canada, the code will define clear standards for detecting and responding to economic abuse, which can include restricting access to funds, sabotaging employment, or coercing debt.
The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, said, “Fraud and financial crime are evolving rapidly, and so must our response. Through Budget 2025, we are taking bold steps to protect Canadians—especially those most at risk—from exploitation and abuse. Whether it’s launching a new Federal Anti-Fraud Strategy, establishing a dedicated Financial Crimes Agency to combat financial crimes, or addressing economic abuse, our government is committed to safeguarding the financial security of every Canadian.”
The Honourable Gary Anandasangaree, Minister of Public Safety, said, “Today’s financial criminals make use of every modern tool at their disposal to try to defraud Canadians. Our government’s new Strategy is tackling head-on the threat posed by these fraudsters. A stand-alone Agency to fight financial crime is critical to maintaining confidence in our financial system, and keeping people, and their money, safe.”
The Honourable Wayne Long, Secretary of State for the CRA and Financial Institutions, said, “Canada’s new government is taking decisive action to safeguard Canadians’ financial information and life savings. Through the introduction of a federal anti-fraud strategy, a dedicated Financial Crimes Agency, and action to combat economic abuse, Budget 2025 is building Canada strong by protecting Canadians and their hard-earned money from scams, fraud, and abuse.”
The Honourable Stephanie McLean, Secretary of State for Seniors, said, “I’ve heard first-hand from seniors and their families across Canada how their lives were turned upside down by scams and financial fraud. They’ve asked the government to act, and that’s exactly what we’re doing. With Canada’s first-ever national Strategy to fight fraud, we’re taking real steps to protect older Canadians and make our financial systems safer for everyone.”
Together, these initiatives mark one of the most comprehensive responses yet to financial crime in Canada, aligning regulatory, technological, and institutional efforts to build a safer, more resilient economy.
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