Canada to create powerful financial crimes agency as US weakens its approach

Cryptocurrency ATMs also face ban, after public inquiry found Canada lacked anti-money-laundering strategy

Canada is to establish a new and powerful law enforcement agency to investigate financial crime, in stark contrast to the US, where weakened federal investigators have struggled to pursue fraudsters and the White House has pardoned convicted money launderers.

A bill to create the Financial Crimes Agency (FCA) completed its first reading in parliament earlier this week. The legislation was introduced by the governing Liberals and with their parliamentary majority, the party is likely to move the it through both levels of government quickly.