Anti-Money Laundering Legislation - Canadian Department of Finance Review

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In December 2011, the federal government launched a consultation aimed at updating Canada’s regime for combating money laundering and terrorist financing. The Department of Finance released a consultation paper setting out proposals to strengthen Canada’s anti-money laundering and anti-terrorist financing legislative framework, which is administered through the PCMLTFA. Comments on the consultation paper are requested by March 1, 2012.

The proposals in the paper are organized around the following key areas:

  • strengthening client due diligence standards;
  • closing gaps in Canada’s regime; 
  • improving compliance, monitoring and enforcement; 
  • strengthening information sharing in the regime; 
  • introducing a list of potential countermeasures; and 
  • updating reporting requirements.

Please see full article below for more information.

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Published In: Administrative Agency Updates, Criminal Law Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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