Budget 2024 Announces Additional Measures To Combat Financial Crime

In Budget 2024, the Government of Canada announced its intentions to amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the Criminal Code, the Income Tax Act, and the Excise Tax Act, and to take additional measures to strengthen the supervision, enforcement, and information-sharing tools of Canada's anti-money laundering and anti-terrorist financing (AML/ATF) framework.Key aspects of these proposed measures are summarized below.

Legislative Amendments

Proposed amendments to the PCMLTFA would

• enhance the ability of reporting entities under the PCMLTFA to share information with each other to detect and deter money laundering, terrorist financing, and sanctions evasion, with privacy protections in place for personal information, including an oversight role for the Office of the Privacy Commissioner;