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Legislation

It’s time to strengthen Canada’s anti-money laundering, anti-terrorist financing regime

By Ian C.W. Russell      

Filling the gaps in money laundering and terrorist financing legislation is an important policy objective. It is equally important to promote a more efficient and cost-effective compliance regime for dealers and other reporting entities under the legislation and regulations.

Finance Minister Bill Morneau, pictured, in Ottawa. Ian Russell says the IIAC's recommendations are straightforward and have precedent. All the more reason for governments to move expeditiously. The Hill Times photograph by Andrew Meade

As part of the five-year statutory review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) the Department of Finance has put forward suggested reforms and the House of Commons Standing Committee on Finance has engaged in a full assessment of the legislation and its regulations though public consultations. The reform efforts aim to improve the effectiveness of Canada’s anti-money laundering (AML) and anti-terrorist financing (ATF) regime by improving compliance, monitoring and enforcement, without placing an undue burden on reporting entities, such as financial entities, life insurance companies, securities dealers and money services businesses.

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