Consolidated Proceeds of Crime (Money Laundering) and Terrorist Financing Act and Regulations 2018 - With Guidelines and Other Regulatory Documents
By: Charlene L. Davidson, B.A. (Hons), M.A., LL.B.
ISBN/ISSN/Product Number: 978-0-7798-8100-0
Product Type: Book S.O. Annual/biannual/biennial
Anticip. Upkeep Cost: Annual volumes supplied on standing order subscription
Number of Pages: Approximately 1560 pages
Number of Volumes: 1 volume bound
Binding: softcover
Publication Date: 2018-02-26
Publisher: Carswell
Price: Price TBD

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Description

A consolidated text of the legislation and regulations regarding Canada's anti-money laundering and anti-terrorist financing regime

The Consolidated Proceeds of Crime (Money Laundering) and Terrorist Financing Act and Regulations, 2018 is a consolidated text of the legislation and associated regulatory documents regarding Canada's anti-money laundering and anti-terrorist financing regime.

New in this edition

  • Budget Implementation Act 2017, No. 1, made legislative amendments to the PCMLTFA to bolster Canada’s efforts to combat money laundering and terrorist financing. The legislative amendments expanded the list of disclosure recipients that can receive financial intelligence related to threats to the security of Canada to include the Department of National Defence and the Canadian Armed Forces; supported more effective intelligence on beneficial owners of legal entities; and made various technical changes to strengthen the framework, support compliance, improve the ability of reporting entities to operationalize the Act, and ensure the legislation functions as intended.
  • In addition, some legislative amendments from Economic Action Plan 2014, No. 1, and subsequent regulatory amendments came into force on June 17, 2017. These amendments focus on updating and strengthening customer due diligence requirements; closing gaps; improving compliance, monitoring and enforcement efforts; increasing information sharing in the regime; and addressing technical issues.

Further, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has re-organized guidance on PCMLTFA and associated Regulations. The FINTRAC website now directs reporting entities to all FINTRAC guidance as well as additional information such as policy interpretations and operational alerts that is specific to each business sector. Thus the guidance section in this edition has been presented thematically to help guide readers.

CPD