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Final amending regulations issued under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act

anti-money laundering

On July 10, 2019, final amending regulations were issued amending each of the existing regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

 

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Draft amending regulations issued under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, including in respect of virtual currencies and prepaid cards

New regulations issued June 9, 2018, follow the recent 2016 Financial Action Task Force (FATF) Mutual Evaluation Report for Canada (the “FATF Report”) which concluded that Canada largely has a strong legal framework and competent authorities dealing with money laundering and terrorist financing risks, but noted certain deficiencies that needed to be addressed.

 

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