Guide to Canadian Money Laundering Legislation 5th Edition

As an active participant in international efforts to combat money laundering and terrorist financing activities, Canada has continued to revise its legislation so as to enhance the country's capacity to protect its financial system.

New author Suhuyini Abudulai updates the Fifth Edition to keep you abreast of the latest changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, its regulations, and FINTRAC guidelines and will serve as an affordable legal reference for reporting entities that must keep their operations and compliance programs current..

What's New in this Edition?

• The 2016 amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its regulations - the electronic signature provisions took effect June 30, 2017; the new identity verification methods provisions will take effect January 24, 2018; and the remaining amendments are expected to become effective in June 2018
• The 2016 Amendments amended the Administrative Monetary Penalties Regulations to add to and amend the list of provisions that can trigger an administrative monetary penalty for a "serious" or "various serious" violation
• The 2017 amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act expanding the list of recipients that FINTRAC is authorized to make disclosure to in respect of security threats to include the Department of National Defence and the Canadian Armed Forces, include beneficial ownership as designated information to be disclosed to FINTRAC, and to make technical amendments to the PCMLTFA to assist in operationalizing the PCMLTFA and support compliance
• The 2017 Amendments also expand the definition of "designated information" to include information on beneficial ownership. This requirement applies with respect to designated information that FINTRAC can disclose to a foreign state or international organization with similar powers and duties as FINTRAC FINTRAC Guidelines as recently revised in June 2017