What's new at the FATF?

During 2006-2007, the Financial Action Task Force (FATF) explored a number of money laundering and terrorist financing methods and techniques, producing six studies on key areas: trade-based money laundering; new payment methods; misuse of corporate vehicles; money laundering associated with VAT carousel fraud; laundering the proceeds of illegal narcotics trafficking; and money laundering and terrorist financing through the real estate sector. The challenge going forward will be to build upon the work under the Canadian Presidency, to deliver on existing FATF commitments and to complete the mid-term review of the FATF mandate. (View the FATF Annual Report for 2006-2007 and the current issue of FATF e-news.)

Reporting Entity Obligations in Canada

Changes to Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its associated Regulations will affect reporting entity obligations, including reporting, record keeping, client identification and implementing a compliance regime. The changes have been finalized and the related Regulations have been published. Most of the changes will come into effect on June 23, 2008. Get more information about how changes will affect each reporting entity sector.