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ARTICLE · 08 MAY 2023

More Changes To Canadian Anti-Money Laundering Legislation

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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On April 21, 2023, the Canadian government introduced the Notice of Ways and Means Motion to implement certain provisions of the 2023 federal budget. As we noted earlier this month...

CanadaGovernment, Public Sector
Jacqueline Shinfield
Jacqueline Shinfield
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On April 21, 2023, the Canadian government introduced the Notice of Ways and Means Motion to implement certain provisions of the 2023 federal budget. As we noted earlier this month, certain changes were proposed to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) (see our Blakes Bulletin: 2023 Federal Budget: Impact on Canada's Anti-Money Laundering Regime). An overview of the more significant changes follows.

SANCTIONS REPORTING

The PCMLTFA currently requires regulated entities to report matches with terrorist sanctions lists under the Criminal Code and under the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The amended PCMLTFA will also require regulated entities to report to FINTRAC where a reporting obligation arises under the Special Economic Measures Act as well as under the Justice for Victims of Corrupt

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