The Quebec government announced the creation Friday of a new agency that will fight economic crimes and try to improve investor confidence.

Finance Minister Yves Séguin said the mandate of the Autorité des marches financiers will be to streamline the financial-services industry and protect consumers.

He pointed out, markets have recently been rocked by major financial scandals, pushing many regulators to restructure. “Quebec, too, is ensuring greater vigilance, setting up a market regulation and regulatory organization that is better integrated and more efficient,” he said.

Séguin also expressed concern about the illicit activities of certain stock-exchange listed companies, including the increasing number of firms with apparent links to money laundering in Canada.”A joint team of investigators will be set up with the Sûreté du Québec, so that investigations produce more results,” he added.

The agency, which replaces the Quebec Securities Commission (QSC), the Financial Services Office (BSF), the Québec Deposit Insurance Board (RADQ), the Financial Services Compensation Fund (FISF) and the Inspector General of Financial Institutions (IGIF), will employ more than 500 people in Montreal and Quebec City, and have an annual budget of about $60 million.

“If we manage to save some money, we will spend it on essential services,” said Jean St-Gelais, the president of the new agency.

He explained how the new body is organized. It has four regulatory directorates: Consumer Assistance and Compensation, Solvency, Distribution, and Securities Markets.

St-Gelais also stressed the high calibre of the personnel from the different agencies forming the new body.

He specified that one of the Autorité’s top priorities will be to introduce in the near future a single-window consumer assistance facility with a threefold mission: information and education, processing of complaints, and settling of disputes.

The agency will work hand in hand with the industry to set up these consumer services.

The Finance Department estimates that tax evasion, money laundering and other financial fraud cost Quebec more than $1 billion a year.