Given the issues raised in the preceding article, it is no wonder that anti-money laundering and anti-terrorist financing (AML/ATF) received significant attention in this year’s federal budget (“Budget 2017”). Organizations can expect changes to the AML/ATF regime, and should monitor developments in this area.
“The Government proposes to introduce legislative amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to:
- Expand the list of disclosure recipients that can receive financial intelligence related to threats to the security of Canada to include the Department of National Defence and the Canadian Armed Forces.
- Support more effective intelligence on beneficial owners of legal entities.
- Make various technical and other changes to: strengthen the framework, support compliance, improve the ability of reporting entities to operationalize the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, and ensure the legislation functions as intended.”
The government believes the proposed changes will strengthen Canada’s AML/ATF regime.
Policies and procedures are essential to managing risk and communicating internal controls, but the work required to create and maintain them can seem daunting. Finance & Accounting PolicyPro (FAPP) has over 270 sample policies, procedures and other documents, plus authoritative commentary in the areas of finance, corporate governance, operations and marketing to save you time and effort in establishing and updating internal controls. Also, be sure to take a look at FAPP’s newest chapter Anti-money laundering, which will be featured in the next release. Request your free 30-day trial of FAPP here!
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