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ARTICLE · 22 MAY 2018

AML Update: Looking Ahead In 2018: Investment Funds Bulletin

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The Proceeds of Crime(Money Laundering) and Terrorist Financing Act (PCMLTFA) provides for there to be a review by Parliament of the administration and operation of the Act every five years.

CanadaGovernment, Public Sector
Susan Han
Susan Han
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The Proceeds of Crime(Money Laundering) and Terrorist Financing Act (PCMLTFA) provides for there to  be a review by Parliament of the administration and operation of the Act every five years. The House of Commons Standing Committee on Finance (FINA) is the committee designated to carry out the review. FINA held ten meetings between February 8 and April 18 of this year, and heard from 62 witnesses. FINA is expected to produce its report in the third quarter of 2018.

In addition, the Department of Finance released a discussion paper, Reviewing Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime. The paper provides some valuable insights into the thinking and priorities of policymakers.  Like the FINA hearings, the paper provided an opportunity for industry participants and the general public to make their views known.

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