Ottawa, June 30, 2005
Archived - Government Releases Consultation Paper on Anti-Money Laundering and Anti-Terrorist Financing Regime
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Minister of Finance Ralph Goodale today released a consultation paper that outlines proposed changes to Canada's anti-money laundering (AML) and anti-terrorist financing (ATF) regime.
"Our government is committed to maintaining a strong and effective regime to combat both money laundering and terrorist financing" Minister Goodale said. "The proposals contained in this paper are designed to ensure that Canada is at the forefront in the global fight against these crimes."
The paper will serve as a starting point for the parliamentary review required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
The key measures proposed in the discussion paper include:
- expanding client identification, due diligence and record-keeping requirements
- addressing gaps in the regime via measures such as the reporting of suspicious attempted transactions and information sharing to detect and deter terrorist financing through charities;
- improving compliance monitoring and enforcement, including the establishment of a registration regime for money service businesses;
- strengthening FINTRAC's (the Financial Transactions and Reports Analysis Centre of Canada) ability to provide intelligence; and
- enhancing the coordination of Canada's efforts to combat money laundering and terrorist financing.
The paper also notes that negotiations are continuing with representatives of the legal profession respecting measures to combat money laundering and terrorist financing.
The discussion paper can be viewed on the Department of Finance website. The deadline for interested parties to submit comments to the Department on the paper is September 30, 2005.
For further information, media may contact:
Office of the Minister of Finance
Public Affairs and Operations Division
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