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ARTICLE · 04 JULY 2024

FINTRAC Issues Guidance On Reporting Financial Transactions Related To Sanctions Evasion

Goodmans LLP
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Effective August 19, 2024, businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) must report transactions suspected to be related to sanctions evasion to the Financial...

CanadaGovernment, Public Sector
Francy Kussner
Francy Kussner
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Effective August 19, 2024, businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) must report transactions suspected to be related to sanctions evasion to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC recently issued guidance on when and how to report such transactions.

Background

Canada's 2023 Fall Economic Statement announced the government's intention to introduce legislative measures aimed at combatting sanctions evasion. Canadian sanctions place restrictions on the activities permissible between persons in Canada or Canadians outside Canada and foreign states, individuals, or entities. Canadian sanctions are imposed under the United Nations Act, the Special Economic Measures Act, or the Justice for Victims of Corrupt Foreign Officials Act.

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