By Apna News
OTTAWA - The federal government has introduced Bill S-8, the Combatting Financial Crimes and Drug Trafficking Act, a proposed law aimed at money laundering, fraud and the criminal use of the mail, the Department of Finance Canada announced November 3, 2026.
Once operational, the bill would address the criminal abuse of money services businesses by introducing new ministerial powers, strengthening registration requirements, including increased criminal record checks, and expanding the Financial Transactions and Reports Analysis Centre of Canada’s ability to refuse or revoke registrations.
It would crack down on unlawful crypto ATMs to better protect Canadians from fraud and other financial crimes. Canadians could continue to use provincially licensed and regulated crypto ATMs, as well as in-person and online cryptocurrency exchanges.
The bill would also restrict large cash transactions of $10,000 or more and third-party cash deposits, targeting profit-driven crimes like fraud and drug trafficking that generate cash revenue which is difficult to trace because it is anonymous and easily transferrable.
On mail, the bill would amend the Canada Post Corporation Act so law enforcement could lawfully search and seize mail when they have lawful authority under the Criminal Code, the Controlled Drugs and Substances Act, or the Cannabis Act. Unlike Bill C-2, the amendments would not allow postal inspectors to open letters. The government says this aligns Canada Post with private courier companies, where search and seizure is permitted now with lawful authority.
The bill would also improve public-private information sharing by allowing regulated businesses to receive and use information disclosed by law enforcement for anti-money laundering purposes, strengthening the Integrated Money Laundering Intelligence Partnership between law enforcement and Canada’s big banks.
“Fraud and money laundering are serious crimes that harm Canadians, undermine confidence in our financial system and help fund organized crime,” said Finance Minister François-Philippe Champagne. “This bill will make it harder for criminal networks to operate and will better protect Canadians.” Public Safety Minister Gary Anandasangaree said Bill S-8 will provide law enforcement with important new tools to combat these threats and disrupt organized crime.
For Surrey families, the measures land in a city where fraud and extortion are live concerns and where many newcomers send money home through money services businesses. The bill is proposed legislation, not yet law, and its crypto ATM and cash rules will matter most to anyone who uses those services legitimately, since licensed crypto ATMs and regulated exchanges would remain usable. The measures build on Budget 2025 and the Spring Economic Update 2026, alongside a standalone National Anti-Fraud Strategy and the creation of the Financial Crimes Agency.
(Source: Department of Finance Canada, November 3, 2026)
