Canada's Budget Implementation Act introduced in an omnibus
bill on March 28, 2014 will introduce significant changes to our
country's anti-money laundering (AML) program once passed. More
businesses will have AML responsibilities, including bitcoin
dealers and foreign companies offering services to Canadians.
Entities that already have AML responsibilities, such as banks and
securities dealers, will see their burden escalate. They will be
required to conduct enhanced screening of politically connected
people, report large international wire transfers to the Canada
Revenue Agency (CRA), follow ad-hoc Ministerial directives and
share money laundering intelligence and risk management amongst
their international affiliates. Some of the Financial Transactions
and Reports Analysis Centre of Canada's (FINTRAC's) powers
and responsibilities will change too, permitting them to disclose
money laundering convictions they supported; but requiring them to
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