The Globe and Mail reports in its Friday edition that the Liberal government has made a significant announcement in the federal budget that will allow banks to prevent financial criminals from committing fraud. The Globe's Rita Trichur writes that Ottawa plans to increase the amount of information that can be shared among financial institutions to detect and deter money laundering, terrorist financing and sanctions evasion. This move is long overdue, as banks are currently unable to warn each other about fraudulent clients, except for fraud prevention. As a result, criminals can easily transfer dirty money from one bank to another, even if some banks detect illegal activity and close accounts. The proposed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act will apply to other businesses as well. This move aims to address a long-standing frustration among the banking industry, regulators and law enforcement, that financial criminals can switch lenders without fear of being caught. The Big Six banks hold over 90 per cent of banking assets in Canada. Therefore, if these legislative changes are implemented correctly, they could help open up a new front in Canada's fight against financial crime.