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ARTICLE · 25 SEPTEMBER 2024

Canada Uses AML Regime To Prevent Sanctions Evasion

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The Government of Canada has recently amended its anti-money laundering legislation to combat sanctions evasion. The Fall Economic Statement Implementation Act (the Act) amends the Proceeds of Crime (Money Laundering)...

CanadaInternational Law
Brenda C. Swick
Brenda C. Swick
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International Trade

The Government of Canada has recently amended its anti-money laundering legislation to combat sanctions evasion. The Fall Economic Statement Implementation Act (the Act) amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to expand the role of FINTRAC1 to include detecting, preventing, and deterring sanctions evasion.

Reporting Requirement for Sanctions Evasion

Reporting entities under the Act (which include banks, credit unions, insurance, trust and loan companies, and certain money services businesses) have longstanding obligations to report transactions to FINTRAC where there are reasonable grounds to suspect that they are related to money laundering and terrorist activity financing offences.

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