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ARTICLE · 28 AUGUST 2024

Canada's Crack-down On Sanctions Evasion August 23, 2024

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On June 20, 2024, Bill C-59, the Fall Economic Statement Implementation Act received royal assent. Division 8 of this legislation introduced various amendments to the Proceeds of Crime (Money Laundering)...

CanadaInternational Law
Jessica Horwitz
Jessica Horwitz
Alison FitzGerald
Alison FitzGerald
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Nathan Shaheen
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Quinn Scarlett
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Understanding the Latest Amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act

On June 20, 2024, Bill C-59, the Fall Economic Statement Implementation Act received royal assent. Division 8 of this legislation introduced various amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, SC 2000, c 17 (PCMLTFA or the Act) and the Criminal Code (the Amendments) to support the Canadian Government's ongoing efforts to combat financial crime and prevent sanctions evasion.

On August 19, 2024, certain notable sections of the Amendments came into force that broaden the suspicious transaction reporting requirements under the Act to cover transactions suspected of relating to sanctions evasion. The Amendments also introduce new declaration requirements for importers and exporters regarding the sanctions status of property they are trading, which will be implemented in due course subject to the development

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