Archived - Minister of Finance Welcomes Findings of the Financial Action Task Force
February 17, 2014 – Ottawa, Ontario – Department of Finance
Finance Minister Jim Flaherty today welcomed the findings of the Financial Action Task Force (FATF), which has endorsed Canada’s anti-money laundering and anti-terrorist financing regime.
In its Mutual Evaluation of Canada report, the FATF finds that Canada adheres to all major FATF Recommendations, including those relating to customer due diligence requirements for financial institutions and other reporting entities. The report also recognizes the sound supervision by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Office of the Superintendent of Financial Institutions, as well as the effective and thorough analysis of financial intelligence by FINTRAC in line with international standards.
The report also highlights other significant steps taken in recent years to bolster Canada’s efforts to combat money laundering and terrorist financing, including establishing a registration regime for money service businesses, expanding the scope of the regime to include additional businesses and professions, and completing the 10-Year Evaluation of Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime, which was published in 2011
The full report is available on the FATF website.
- The FATF is the international body responsible for setting anti-money laundering and anti-terrorist financing standards and promoting the effective implementation of measures to combat threats to the integrity of the international financial system through peer reviews.
- Canada is an active participant in the FATF and in the fight against money laundering, terrorist financing and other abuses of the global financial system.
- The Government of Canada is committed to a strong and comprehensive regime that is at the forefront of the global fight against money laundering and terrorist financing and that safeguards the integrity of Canada’s financial system and the safety and security of Canadians.
- Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act aims to detect and deter money laundering and the financing of terrorist activities, while facilitating the investigation and prosecution of these crimes. These objectives place equal emphasis on preventing illicit funds from entering or moving through Canada’s financial system, assisting law enforcement in detecting and prosecuting these crimes.
“Money laundering and terrorist financing not only threaten the financial system, they enable crimes that pose harm to Canadians and threaten our quality of life. The FATF’s endorsement demonstrates that actions taken by our Government are making a difference in protecting the integrity of the Canadian financial sector and protecting Canadians against crime. This further validates our Government’s ongoing commitment to meet these challenges head-on.”
- Jim Flaherty, Minister of Finance
- Financial Action Task Force: Mutual Evaluation of Canada
- Regulations Amending the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (2013)
- 10-Year Evaluation of Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime (2011)
Office of the Minister of Finance
Department of Finance