The former world featherweight champion, 55, wants the new body to pay for treatment where needed.
"It should happen sooner rather than later because we don't want a fatality on our hands," said McGuigan.
World heavyweight champion Tyson Fury has revealed he is suffering from depression and has taken cocaine to help him deal with the issue.
McGuigan told BBC Radio 5 live the sport has "been blind" to elite athletes suffering mental illness, adding he is "genuinely concerned" about Fury.
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Source: BBC sport
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