The Honourable Jim Flaherty, Minister of Finance, today launched a consultation aimed at updating Canada’s regime for combating money laundering and terrorist financing.
“Money laundering and terrorist financing not only threaten the financial system, they enable crimes that may harm Canadians and threaten our quality of life,” said Minister Flaherty. “The potential business and societal damage of these crimes underscore the need for a clear and effective deterrent.”
A consultation paper, “Strengthening Canada’s Anti-Money Laundering and Anti‑Terrorist Financing Regime,” puts forward several proposals that may be considered for future changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
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.
Detailed news link : here