Ottawa, December 21, 2011

Archived - Minister of Finance Launches Consultation to Update Anti-Money Laundering and Anti-Terrorist Financing Regime

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The Honourable Jim Flaherty, Minister of Finance, today launched a consultation aimed at updating Canada’s regime for combating money laundering and terrorist financing.

“Money laundering and terrorist financing not only threaten the financial system, they enable crimes that may harm Canadians and threaten our quality of life,” said Minister Flaherty. “The potential business and societal damage of these crimes underscore the need for a clear and effective deterrent.”

A consultation paper, “Strengthening Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime,” puts forward several proposals that may be considered for future changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

The proposals in the paper are organized around the following key areas:

  • strengthening client due diligence standards;
  • closing gaps in Canada’s regime;
  • improving compliance, monitoring and enforcement;
  • strengthening information sharing in the regime;
  • introducing a list of potential countermeasures; and
  • updating reporting requirements.

The paper will also serve to inform the Parliamentary review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act that will be conducted in 2012 by the Standing Senate Committee on Banking, Trade and Commerce.

Comments can be emailed to: The deadline for comments is March 1, 2012.

Written comments can be forwarded to:

Leah Anderson
Director, Financial Sector Division
Department of Finance
L’Esplanade Laurier
20th Floor, East Tower
140 O’Connor Street
Ottawa, Ontario, K1A 0G5

For further information, media may contact:

Mary Ann Dewey-Plante
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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