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ARTICLE · 04 JULY 2016

Amendments To Canada's Anti-Money Laundering Legislation: The First Step

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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On June 17, 2016, the federal government quietly released the final version of the long-awaited amended general regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

CanadaFinance and Banking
Jacqueline Shinfield
Jacqueline Shinfield
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On June 17, 2016, the federal government quietly released the final version of the long-awaited amended general regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). For the most part, the final Regulations are similar to the July 2015 draft regulations. They will be published in the June 29, 2016 Canada Gazette, Part II.

Currently, there is some uncertainty about the effective date of the Regulations. While it is clear from the guidance released by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) on June 17, 2016, that the new identity verification provisions under the Regulations were intended to be effective as of June 17, 2016, due to a technical glitch in the drafting of the Regulations, it appears that the new identity verification and electronic signatures provisions do not legally become effective until June 17, 2017, with the remaining provisions of the Regulations becoming

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