Canada to Update Anti-Money Laundering and Anti-Terrorist Financing Regime

March 23 2017
On March 22, the Liberal government tabled its federal budget for 2017. Among the many matters addressed, it announced its intention to implement measures aimed at strengthening Canada’s ability to combat money laundering and terrorist financing. To achieve this objective, the government proposes steps to: (1) increase transparency into corporate and beneficial ownership of legal persons and trusts; and (2) introduce certain amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.