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ARTICLE · 16 APRIL 2023

Budget 2023 Announces Measures To Combat Financial Crime

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In Budget 2023, which was tabled in the House of Commons on March 28, the Government of Canada announced its intentions to bolster measures to deter, detect, and prosecute financial crimes...

CanadaFinance and Banking
Francy Kussner
Francy Kussner
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In Budget 2023, which was tabled in the House of Commons on March 28, the Government of Canada announced its intentions to bolster measures to deter, detect, and prosecute financial crimes, protect financial institutions from foreign interference, and protect Canadians from the emerging risks associated with crypto-assets.Key aspects of these proposed measures are summarized below.

Amendments to Money Laundering and Terrorist Financing Regime

The federal government aims to address gaps in Canada's anti-money laundering/anti-terrorist financing (AML/ATF) regime, and strengthen cooperation between orders of government. Budget 2023 announces the federal government's intention to introduce legislative amendments to the Criminal Code and the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) to strengthen the investigative, enforcement, and information sharing tools of Canada's AML/ATF regime.

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