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ARTICLE · 17 JULY 2024

New Measures To Combat Sanctions Evasion: Key Takeaways

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In response to the use of sophisticated money laundering techniques and alternative financial channels by Russian businesses and individuals to evade Canada's sanctions laws...

CanadaInternational Law
Clifford Sosnow
Clifford Sosnow
Christopher Little
Christopher Little
Sébastien Cyr
Sébastien Cyr
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In response to the use of sophisticated money laundering techniques and alternative financial channels by Russian businesses and individuals to evade Canada's sanctions laws, Canada has passed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act ("PCMLTFA"). These amendments, passed as part of Budget 2024, will, once in force, give an expanded role to the Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC") and impose new reporting and record keeping requirements on many Canadian businesses, including businesses that are not otherwise subject to reporting obligations under the PCMLTFA.

We discuss the key changes and their implications below.

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