Archived - Government of Canada's Strengthened Anti-Money-Laundering and Anti-Terrorist-Financing Regulations Come Into Force
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Excerpts from the Regulatory Impact Analysis Statement
The Honourable Jim Flaherty, Minister of Finance, today announced that regulatory changes expanding Canada's anti-money-laundering and anti-terrorist-financing regime are now in effect.
"These regulations widen the scope of our efforts to combat these global criminal activities," said Minister Flaherty. "When combined with other regulations coming into effect later this year that expand the scope of the regime to new sectors, they bring Canada's regime into line with revised international standards set out by the Financial Action Task Force (FATF)."
The regulations, which were published on June 27, 2007, enhance client identification, record keeping, and reporting requirements for banks, credit unions, trust and loan companies, life insurance companies, securities dealers, casinos, money services businesses, accountants, and real estate agents.
Since 2002, reporting sectors are required to identify clients handing over funds in a transaction, and to obtain information if the transaction is being handled on behalf of someone else. The range of these requirements is now being expanded in certain reporting sectors, such as the real estate and accounting professions. In addition, the regulations require that all money services businesses in Canada register with the Financial Transactions and Reports Analysis Centre of Canada. They also extend the requirement to report suspicious transactions to include suspicious attempted transactions.
"Similar regulations are enforced in FATF member countries around the world," said Minister Flaherty.
The regulations can be found on the Canada Gazette website at http://gazetteducanada.gc.ca/partII/2007/20070627/html/sor122-e.html.
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Office of the Minister of Finance
Department of Finance
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