The Globe and Mail reports in its Friday, May 1, edition that Canada's creation of a new federal agency focusing on financial crimes signals a serious approach to the issue, but experts emphasize that success depends on execution. The Globe's Alexandra Posadzki writes that the government introduced legislation to establish the long-awaited Financial Crimes Agency on April 27, after a 2021 Liberal campaign promise. Historically, Canada has had low prosecution rates when it comes to financial crimes, says Leon Moubayed, a partner in the investigations and white-collar defence and dispute-resolution practices at Davies Ward Phillips & Vineberg LLP. He says: "Canada has the laws, but did not have the level of enforcement that other countries have, and I think that the agency is meant to change this. This sends a message that Canada is getting really serious about financial crime." Canada is currently awaiting the outcome of a review of its financial crime regime by the Financial Action Task Force. That review took place under new criteria that place more emphasis on the effectiveness of a country's anti-money-laundering regime, rather than on technical compliance. The outcome of that review is expected this summer.