A Guide to Canadian Money Laundering Legislation, 6th Edition
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June 1, 2020 and June 1, 2021 Changes to Canada’s Money Laundering Laws
As an active participant in international efforts to combat money laundering and terrorist financing activity, Canada has continued to revise its legislation to enhance the country's capacity to protect its financial system and to meet international standards.
Now in its Sixth Edition, this legal reference is updated by Suhuyini Abudulai to keep you abreast of the latest amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
What's New in This Edition
- Examination and discussion of the 2019 amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations, which come into effect in two phases: June 1, 2020 and June 1, 2021
- Examination and discussion of the 2020 proposed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations to expand the application of certain obligations to reporting entities that are designated non-financial businesses and professions
- Revised FINTRAC Guidance reflecting the 2019 amendments
- A one-stop shop – contains governing legislation and related legislation and guidance
- The law made easy – written in plain language; geared for both legal and business professionals
- Explains law and compliance practices as applicable to various industries including:
- financial institutions
- insurance companies
- real estate agents and brokerages
- government agents
- precious stones businesses
Who Should Buy
- Legal counsel or corporate/commercial lawyers who need to advise their business clients on the design and implementation of their compliance policies
- Criminal lawyers who need to advise clients on their rights to search and seizure and privacy related issues if they happen to be the subject of suspicious transactions
- Management staff and/or money laundering compliance officers of businesses who need to understand the law for purposes of examining reviewable transactions and providing compliance training
- Portfolio managers and investment counselors who need to watch out for suspicious large cash transactions and may be required to answer to reviewable transactions
- Management staff and compliance officers of banks & Financial Institutions who need to conduct internal investigations about suspicious money laundering activities
- Finance directors and accountants of businesses who are charged with record keeping and auditing responsibilities
- Money services businesses who need to set up their fund transfer practices properly to avoid being preyed upon by hackers
Tools for Compliance
With its practical approach and informative commentary, this guide is your first point of reference when you need to understand the legislation.
Table of contents
Table of Contents
- Chapter 1: Introduction
- Chapter 2: Financial Transactions and Reports Analysis Centre of Canada
- Chapter 3: Application of Anti-Money Laundering, Anti-Terrorist Financing and Sanctions Laws
- Chapter 4: Reporting Requirements
- Chapter 5: Records
- Chapter 6: Ascertaining Identity
- Chapter 7: An Effective Compliance Regime
- Chapter 8: Disclosure, Search, Seizure and Immunity
- Chapter 9: Violations and Offences
- Proceeds of Crime (Money Laundering) and Terrorist Financing Act
- Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations
- Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations
- Cross-border Currency and Monetary Instruments Reporting Regulations
- Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations
- Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations
- Regulations Implementing the United Nations
- Resolutions on the Suppression of Terrorism
- United Nations Al-Qaida and Taliban Regulations
- FINTRAC Guidelines
- Financial Action Task Force (FATF) 40 Recommendations
- Office of the Superintendent of Financial Institutions (OSFI) Guidelilne