Regulatory Initiative: General Amendments to PCMLTFA Regulations
Title or working title of the regulatory initiative:
General Amendments to PCMLTFA Regulations
Description of the objective:
Pursuant to its commitment in Economic Action Plan 2014, the Government of Canada proposes to amend the regulations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The goal of the proposed regulatory amendments is to strengthen Canada's anti-money laundering and anti-terrorist financing regime and improve Canada's compliance with international standards, while minimizing the compliance burden.
Proposed amendments are organized around the following themes:
- strengthening customer due diligence standards for financial intermediaries;
- closing gaps in Canada's anti-money laundering and anti-terrorist financing regime; and
- improving compliance, monitoring and enforcement.
For example, the Government proposes to introduce anti-money laundering and anti-terrorist financing regulations for persons and entities dealing in virtual currencies.
Indication of business impacts:
There may be business impacts. The “One-for-One” Rule and/or the small business lens may apply.
Public consultation opportunities:
A consultation paper was released by the Department of Finance in December 2011 outlining proposed measures. Following these stakeholder consultations, draft regulatory amendments were developed. The draft regulations were pre-published in the Canada Gazette , Part 1, Vol. 149, No. 27 on July 4, 2015 for a 60-day comment period. Stakeholder submissions were received and the Department is engaged in follow up consultations. The Department of Finance expects that the regulations will receive final publication in the Canada Gazette, Part II in 2016.
Consultations and Communications Branch
Department of Finance Canada
90 Elgin Street
Ottawa, Ontario K1A 0G5
For more information
- Government-Wide Forward Regulatory Plans
- The Cabinet Directive on Regulatory Management
- The Red Tape Reduction Action Plan
- The Canada-United States Regulatory Cooperation Council