Money laundering is emerging as a growing concern in Canada, particularly in major urban centres, as federal, provincial and territorial finance ministers work to strengthen coordination on financial crime and broader economic challenges.

Federal Finance Minister François-Philippe Champagne raised the issue last week during a virtual meeting with his provincial and territorial counterparts, warning of increasing risks tied to illicit financial activity and the need for stronger enforcement tools.

Champagne pointed to the creation of a new federal Financial Crimes Agency as a key step to bolster asset recovery efforts, combat illicit financing and help authorities trace and recover proceeds of crime. He said Ottawa remains committed to working with other levels of government to address the issue.

The meeting, which included Scott Jones, president of Shared Services Canada, also focused on improving collaboration across governments, including joint procurement efforts and the use of technology to deliver services more efficiently.

Ministers also discussed global economic uncertainty, including the impact of ongoing conflict in the Middle East on energy markets and supply chains. Champagne said Canada remains a stable and reliable energy supplier and that the federal government is monitoring fuel prices.

Housing affordability and supply were another major topic. Ministers reviewed the recently introduced Bill C-26, which would provide $1.7 billion in federal transfers to provinces and territories to support housing development. They also discussed the rollout of the Build Communities Strong Fund to support projects in housing, post-secondary education and health care.

Champagne emphasized Ottawa’s broader economic agenda, including efforts to build major infrastructure through a new Major Projects Office and diversify trade with international partners.

Finance ministers also discussed the ongoing 2025–2027 triennial review of the Canada Pension Plan, highlighting its role in providing financial security to millions of Canadians.

The ministers agreed to continue working together to strengthen the economy, create jobs and expand capacity in key sectors, including by boosting internal trade, as Canada faces an increasingly uncertain global environment.