In Budget 2023, the Government of Canada announced its
intentions to strengthen measures to protect financial institutions
from foreign interference and efficiently address emerging risks to
Canada's financial sector. Among these measures, and as
reported in our April 2023 Update, legislative amendments were
proposed to bolster Canada's anti-money
laundering/anti-terrorist financing (AML/ATF) regime and to
modernize financial sector oversight.
On June 22, 2023, Parliament passed Bill C-47, the Budget Implementation Act, which
brings into force certain amendments previously announced. Key
aspects of these amendments are summarized below.
AML/ATF Regime
Bill C-47 proposed amendments to theProceeds of Crime (Money
Laundering) and Terrorist Financing Act (PCMLTFA), Special
Economic Measures Act (SEMA), and the Justice for Victims
of Corrupt Foreign Officials Act (Sergei Magnitsky Law)
(JVCFOA) to strengthen the investigative, enforcement, and
information-sharing
