New FINTRAC Guidelines - February 2008

FINTRAC has issued revised Guidelines which include new requirements that will come into force June 23, 2008. The Guidelines address the Implementation of a Compliance Regime and Record Keeping and Client Identification. (View the FINTRAC webpage for more information.)

Minister of Finance Opens Egmont Secretariat Headquarters in Toronto

The Honourable Jim Flaherty, Canada's Minister of Finance, today officially opened the permanent headquarters of the secretariat of the Egmont Group in Toronto. The Egmont Group is an organization of 106 of the world’s financial intelligence units, including the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). (View the News Release.)

Canada Expands Its Anti-Money-Laundering and Anti-Terrorist-Financing Regime

The Honourable Jim Flaherty, Minister of Finance, and the Honourable Stockwell Day, Minister of Public Safety, today announced the publication of final regulations in the Government’s ongoing efforts to make Canada an unwelcome place for money laundering and terrorism financing. Under the new regulations, real estate developers will be required to meet client identification, record-keeping and transaction-reporting requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. In addition, casinos will have to report to the Financial Transactions and Reports Analysis Centre of Canada any large disbursements and keep records in respect of these transactions. The regulations, to be published in the Canada Gazette on February 20, 2008, are necessary steps in bringing the Canadian anti-money-laundering and anti-terrorist-financing regime into line with the revised international standards of the Financial Action Task Force. View the News Release.)