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ARTICLE · 20 OCTOBER 2016

2016 FATF Mutual Evaluation Report For Canada Released: Implications For Canadian Fintechs

McCarthy Tétrault
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Virtual currencies are also identified as being subject to higher ML/TF vulnerability due to increased anonymity, their ease of access and their high degree of transferability.

CanadaTechnology
SnIP/ITs Blog
SnIP/ITs Blog
Yaroslavna Nosikova
Yaroslavna Nosikova
Ana Badour
Ana Badour
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The Financial Action Task Force (FATF) released its Mutual Evaluation Report (the "Report") for Canada on September 1, 2016, outlining its assessment of current anti-money laundering ("AML") and counter-terrorist financing ("CTF") measures in Canada. The FATF is an independent inter-governmental body that develops and promotes global AML/ CTF policies and sets global standards. This Report assesses Canada's level of compliance with the FATF 40 Recommendations and the level of effectiveness of Canada's AML/CFT regime.

The prior 2008 Mutual Evaluation Report issued by the FATF rated Canada as non-compliant in a number of areas. Since then, a number of amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act ("PCMLTFA") and associated regulations have been introduced to address some of the issues identified in the 2008 evaluation, including with respect to politically exposed persons and persons dealing in virtual currencies. For details in

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