At presentations to the OSFI (Office of the Superintendent of Financial Institutions) conference and the Canadian Institute Anti-Money Laundering Conference in April 2010, Jeanne M. Flemming, the Director of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) discussed three anti-money laundering / anti-terrorist financing measures which were announced by the Minister of Finance in the recent federal budget.
The three measures are:
• an increase in FINTRAC’s operating budget,
• amendment to regulations under the Criminal Code to make tax evasion a predicate offence for money laundering, and
• amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act giving new authority to the Minister of Finance to issue directives to advise the financial sector of foreign jurisdictions and entities that pose a money laundering or terrorist financing risk, and to require appropriate countermeasures.
The full text of the speeches is available here and here.
About Me
- Paul-Emile Roy, CPA, CA
- Paul-Emile Roy is an independent researcher and consultant. For 25 years, he served as a Principal in the Research Studies Department at the Canadian Institute of Chartered Accountants (CICA) in Toronto, Canada. During that time, he managed more than 50 research projects involving hundreds of volunteers and consultants from academe, public accounting, industry, finance, government and various regulatory bodies. He is an aspiring archivist, historian and genealogist.
Canada - Anti-Money Laundering and Anti-Terrorist Financing Requirements
A Guide for Chartered Accountants