General information on Part 1.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Part 1.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) was introduced as part of Budget 2010, and entered into force upon Royal Assent of Economic Action Plan 2014 on June 19, 2014.  Part 1.1 introduces two new authorities for the Minister of Finance:

1. The authority to issue directives that require reporting entities to apply measures to transactions originating from or destined to designated foreign jurisdictions and entities; and

2. The authority to recommend that the Governor-in-Council issue regulations limiting or prohibiting reporting entities from entering into a financial transaction originating from or destined to designated foreign jurisdictions and entities.

This guidance provides an overview of the Minister's new authorities, and greater detail and certainty to reporting entities and other stakeholders as to how these powers will be used.