cross-border currency transfers
Amendments might be coming to anti-money laundering legislation. The Canadian government recently published a consultation paper with proposals for wide-ranging amendments.
On February 7, 2018, the Canadian federal government released a consultation paper for comments that has far-reaching implications for compliance with Canadian anti-money laundering requirements. The comment period on this paper ends on April 30, 2018.
In Canada, the anti-money laundering and anti-terrorist financing legislative framework is established by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its regulations (collectively, the AML Laws). Under the AML Laws, the administration and operation of these laws is required to be reviewed by the Canadian federal parliament every five years. This consultation paper is intended to support the upcoming parliamentary review that is required to be done in 2018.
The consultation paper notes that since 2013 (when the last review of the AML Laws was done), the money … Continue reading “Canadian government publishes consultation paper proposing wide-ranging amendments to anti-money laundering legislation”