Canada’s Anti-Money Laundering & Anti-Terrorist Financing Requirements

To assist in understanding the obligations imposed by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the Canadian Institute of Chartered Accountants (CICA) published Canada’s Anti-Money Laundering & Anti-Terrorist Financing Requirements – A Guide for Chartered Accountants. The PCMLTFA makes it mandatory for financial intermediaries to report on certain financial transactions to an independent anti-money laundering agency called the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This mandatory reporting scheme assists in the detection and deterrence of money laundering and facilitates the investigation of money laundering and terrorist financing activities.