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ARTICLE · 26 APRIL 2021

2021 Federal Budget - Selected Financial Services Measures

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

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As most Canadians are aware, the federal government released its 2021 budget - Budget 2021: A Recovery Plan for Jobs, Growth and Resilience on April 19, 2021 (Budget).

CanadaFinance and Banking
Jacqueline Shinfield
Jacqueline Shinfield
Vladimir Shatiryan
Vladimir Shatiryan
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INTRODUCTION

As most Canadians are aware, the federal government released its 2021 budget - Budget 2021: A Recovery Plan for Jobs, Growth and Resilience on April 19, 2021 (Budget). This bulletin will summarize the provisions of the Budget that affect or deal with financial services and related issues.

1. THE PROCEEDS OF CRIME (MONEY LAUNDERING) AND TERRORIST FINANCING ACT (PCMLTFA)

The Budget reiterates the earlier commitment of the federal government to bring armoured car services into the legislative scope of the PCMLTFA. It is unclear if this will be a separate category of regulated entity or whether it will be made part of the money services business category.

In addition to regulating armoured car services, the Budget notes that the PCMLTFA will strengthen criminal penalties and the registration framework for money services businesses. This is likely meant to address the threat that "underground banking" poses to the Canadian financial system and

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