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ARTICLE · 10 MARCH 2008

New Anti-Money-Laundering Regulations Regarding Real Estate Developers

McCarthy Tétrault
McCarthy Tétrault
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On February 20, 2008, amendments to regulations associated with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, S.C. 2000, c. 17 were finalized and published.

CanadaReal Estate and Construction
Barbara McIsaac
Barbara McIsaac
Patrick Veilleux
Patrick Veilleux
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On February 20, 2008, amendments to regulations associated with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, S.C. 2000, c. 17 (the Act) were finalized and published. The Government, in its February 14th announcement of these amendments to the regulations, described them as necessary steps to bring the Canadian anti-money-laundering and anti-terrorist-financing regime into line with the revised international standards of the Financial Action Task Force.

The newly amended regulations are mostly about new requirements for real estate developers (that will be effective February 20, 2009) and additional requirements for casinos (that will be effective September 28, 2009). They affect obligations including reporting, record keeping, client identification and the implementation of a compliance regime.

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