Department of Finance's Review of the AML/ATF Regime
In Canada, there is a requirement that the administration and operation of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) be reviewed by a committee of Parliament every five years.
On February 7, 2018, the Department of Finance published a paper called "Reviewing Canada's Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime" (the "Paper"). The Paper sets out a series of amendments recommended by the Department of Finance to enhance the effectiveness of the PCMLTFA as new threats emerge and international best practices evolve. This will assist Parliament as it embarks on a review of the AML/ATF legislative framework. The Paper presents a wide array of proposed amendments to the PCMLTFA and its associated Regulations that are categorized and presented in five chapters.
Read the attached PDF to learn more.