Canada to Start Financial-Crimes Agency to Fight Surge in Online Scams

The Canadian government has announced the establishment of a new financial crimes agency to combat the surge in online scams and fraudulent activities. This move comes in response to the increasing prevalence of digital-based crimes, which have become a growing concern for both individuals and businesses. The new agency will be tasked with investigating and prosecuting a wide range of financial offenses, including money laundering, cyber-enabled fraud, and other complex financial crimes. Additionally, the government is proposing amendments to banking laws to enhance the industry's ability to identify and report suspicious transactions. The initiative aims to strengthen the country's financial security infrastructure and provide better protection for Canadian consumers and businesses against the evolving threats posed by online scams. The government hopes that these measures will help to deter and disrupt criminal activities, while also improving the overall resilience of the financial system.