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ARTICLE · 22 SEPTEMBER 2016

FATF Mutual Evaluation Of Canada Report Released

Norton Rose Fulbright Canada LLP
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On September 15th, the Financial Action Task Force released its Mutual Evaluation Report (Report) of Canada's measures for combatting anti-money laundering and the financing of terrorism.

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On September 15th, the Financial Action Task Force (FATF) released its Mutual Evaluation Report (Report) of Canada's measures for combatting anti-money laundering (AML) and the financing of terrorism (CFT).  FATF is an international organization originally formed by the G-7 countries in 1989.  FATF has developed 40 Recommendations for measures that countries should take to combat money laundering.  Part of its mandate is to conduct peer reviews of the progress being made by its members in implementing the 40 Recommendations.  The report issued on September 15th follows an on-site visit by the International Monetary Fund conducted in November 2015.  The Report concludes that Canada has a strong anti-money laundering and anti-terrorist financing regime that achieves good results in some areas.  However, the report also states that further improvements are required for the regime to be fully effective.

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