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ARTICLE · 15 FEBRUARY 2019

Confronting Money Laundering And Terrorist Financing: Standing Committee Report Summary

Every five years the Committee reviews the PCMLTFA.

CanadaGovernment, Public Sector

The Standing Committee on Finance (the Committee), in its recently published report, "Confronting Money Laundering and Terrorist Financing: Moving Canada Forward" (the Report), asserts that Canada's anti-money laundering and terrorist financing initiatives need to be reformed. The Committee made 32 recommendations, most of which can be grouped into the categories of information gathering, increased regulatory scope, and enforcement.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is the regulatory body responsible for facilitating the detection and prevention of money laundering and terrorist financing. It oversees compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

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