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ARTICLE · 09 JANUARY 2025

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Canada Announces Significantly Increased Penalties For Money Laundering Failures

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The recent Fall Economic Statement announced the intention of the current Canadian federal government to materially increase the financial (and other) penalties faced...

CanadaGovernment, Public Sector
Lincoln Caylor
Lincoln Caylor
Nathan Shaheen
Nathan Shaheen
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The recent Fall Economic Statement announced the intention of the current Canadian federal government to materially increase the financial (and other) penalties faced by designated individuals and entities doing business in Canada (known as "reporting entities"1) that fail to meet the requirements of Canada's anti-money laundering (AML) regime. While the duration of the current government's remaining time in power is uncertain, the approach to AML of any future government is unlikely to be less demanding. This is particularly true given the upcoming Mutual Evaluation of Canada by the Financial Action Task Force (FATF), which will assess the effectiveness of Canada's AML regime regardless of the political party in power.

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