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ARTICLE · 15 JUNE 2023

Consultation Launched On Changes To Canada's AML/ATF Regime

McCarthy Tétrault
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The 2018 review of the PCMLTFA concluded with 32 recommendations aimed at improving Canada's AML/ATF regime.

CanadaGovernment, Public Sector
TechLex Blog
TechLex Blog
Ana Badour
Ana Badour
Andrew Matheson
Andrew Matheson
Shauvik Shah
Shauvik Shah
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Background

On June 7, 2023, the federal government published a paper seeking public consultation on potential changes to Canada's anti-money laundering and anti-terrorist financing ("AML/ATF") regime, with the deadline for comments closing on August 1, 2023. Canada's AML/ATF regime is established under several statutes, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act ("PCMLTFA"), its associated regulations, and the Criminal Code. As required every five years, a committee of Parliament will conduct a review of the PCMLTFA this year, which this consultation aims to support.

The 2018 review of the PCMLTFA concluded with 32 recommendations aimed at improving Canada's AML/ATF regime. Many of those recommendations have been addressed. Other recommendations, such as enabling the private sector to share AML/ATF related information, incorporating luxury goods and white-label automated teller machines under the PCMLTFA, and creating a

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