Money laundering is a billion-dollar business in Canada. Just shy of C$50 billion was estimated to have been laundered through Canada’s economy in 2018. For the past 10-15 years, Canada has been working to overcome its reputation for weak legislation and controls with respect to financial crime. In response to the gaps identified in its AML/ATF regime, Canada passed amendments to its primary legislation addressing money laundering and terrorist financing.
In our report we break down:
- New Legislation and Regulatory Requirements
- Extension of PCMLTFA to New Entities
- Regulations Enacted But Not Yet Implemented