The Globe and Mail reports in its Tuesday, Oct. 21, edition that Finance Minister Francois-Philippe Champagne announced a new Financial Crimes Agency, which will utilize RCMP funding to form a specialized unit targeting money laundering and on-line fraud. The Globe's Bill Curry writes that the plan was introduced on Parliament Hill as part of upcoming budget measures set to be fully released on Nov. 4. Mr. Champagne said the international nature of financial crimes necessitates a new agency to enhance Canada's existing efforts, despite several federal bodies already addressing these issues. Canadians lost $643-million to fraud in 2024, according to the Canadian AntiFraud Centre. The new office will investigate sophisticated schemes that are often linked to organized crime. It will be part of a broader federal anti-fraud strategy that will include legislation updating the Bank Act. The legislative amendments would require banks to have policies and procedures in place to detect and prevent consumer-targeted fraud; obtain clear consent from bank account holders before enabling services such as e-transfers; and collect data on financial fraud and report it to the Financial Consumer Agency of Canada.