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Status and purpose

• Bill C-29 was introduced at first reading on April 27, 2026. It would establish the Financial Crimes Agency as a specialized federal law enforcement agency under the Minister of Finance.
• Its mandate would be to investigate financial crimes and contribute to recovering proceeds of crime. The Act’s stated object also includes participation in international efforts.
• “Financial crime” is defined broadly to include federal offences involving financial assets, including digital assets, financial services or markets, proceeds of crime, and money laundering and terrorist-financing legislation.

Agency and investigative powers

• The agency would have its head office in the National Capital Region. Other Canadian offices could be established with ministerial approval.
• A Governor in Council-appointed commissioner would manage the agency and be a peace officer across Canada. The Finance Minister could issue directions on matters materially affecting public policy or the agency’s strategic direction; those directions must be made public as soon as feasible.
• The commissioner could begin investigations independently, at another agency’s request, or collaboratively with law enforcement or investigative public bodies in Canada or abroad. The commissioner could set criteria to focus on serious and complex cases.
• Designated agency police officers would have peace-officer powers across Canada. The commissioner could also designate employees as investigations officers and must arrange for RCMP services and assistance, subject to Public Safety ministerial approval.
• The agency could enter agreements, including for information sharing and investigative collaboration. Regulations could address officer designations and the handling of information.

Prosecutions and complaints

• The federal Attorney General could conduct proceedings for financial crimes investigated under the Act. Provincial Attorneys General would retain authority unless the federal Attorney General issues and serves a fiat, giving the federal Attorney General exclusive authority over proceedings for the specified offence.
• Regulations could establish a body to review public complaints about designated agency police officers; reviewers could not be peace officers. The bill also amends the Public Complaints and Review Commission Act to allow any individual to complain about those officers’ conduct.
• When the relevant complaints-commission provision comes into force, the bill repeals the authority to establish the regulatory complaints body. Unresolved complaints made to such a body would be treated as complaints under the commission legislation.

Changes to existing law

• The bill adds the agency to access-to-information, privacy, financial administration and public-service pension legislation and related regulations.
• It adds the commissioner to provisions of the Special Economic Measures Act and the Justice for Victims of Corrupt Foreign Officials Act, and expressly permits specified information sharing involving the commissioner under the former Act.
• Other amendments address agency handling of immigration biometric information, security-information disclosure, citizenship information, employment and social development information, national security reviews of investments, and real property acquired for investigations.

Reporting, timing and costs

• After the agency’s first full year of operations, the commissioner must submit an annual report by September 30 each year; the minister must table it in each House within its first 30 sitting days after receipt. The annual-report provision comes into force on the first anniversary of royal assent.
• The minister must initiate a review of the Act five years after the review provision comes into force, or as soon as feasible afterward.
• The bill recommends an appropriation of public revenue but the provided text does not specify an amount.