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.)