Canada tables Bill S-8 to crack down on financial crime and illicit use of mail

The Canadian government introduced Bill S-8, the Combatting Financial Crimes and Drug Trafficking Act, on November 3, 2026, to better detect, disrupt and deter economic crime. Tabled by Finance and National Revenue Minister François-Philippe Champagne, the bill covers money services businesses, crypto ATMs, large cash transactions, mail searches and public-private information sharing. It has been introduced, not yet passed into law, and its details remain subject to parliamentary debate.

Five main measures

First, it addresses criminal abuse of money services businesses with new ministerial powers, stronger registration requirements, including increased criminal record checks, and an expanded ability for the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to refuse or revoke registrations.

Second, it cracks down on unlawful crypto ATMs to better protect Canadians from fraud and other financial crimes. Provincially licensed and regulated crypto ATMs, as well as in-person and online cryptocurrency exchanges, can continue to be used.

Third, it targets common money-laundering techniques by restricting large cash transactions of $10,000 or more and third-party cash deposits, aimed at profit-driven crimes such as fraud and drug trafficking that generate hard-to-trace cash revenue.

Fourth, it amends the Canada Post Corporation Act so law enforcement with lawful authority under the Criminal Code, the Controlled Drugs and Substances Act or the Cannabis Act can search and seize mail, aligning Canada Post with private couriers, where such searches are already permitted. The Finance Department notes that, unlike Bill C-2, these amendments would not allow postal inspectors to open letters.

Fifth, it improves 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.

What the government says

Champagne said fraud and money laundering harm Canadians, undermine confidence in the financial system and help fund organized crime, and that the bill will make it harder for criminal networks to operate. Public Safety Minister Gary Anandasangaree said it will give law enforcement important new tools. The Finance Department said the measures build on the government's coordinated action plan against organized and financial crime, including measures in Budget 2025 and the Spring Economic Update 2026, new measures against extortion, a standalone National Anti-Fraud Strategy and the creation of the Financial Crimes Agency.

Source: Department of Finance Canada (November 3, 2026). (File photo: Parliament Hill in Ottawa.)