The Finance Department in Canada has said that it is reviewing the anti-money laundering and the anti-terrorism funding regime. It looks like the screws will be tightened on these two policies. Canada’s Department of Finance has released a consultation paper. It talks about the review of anti-money laundering and anti-terrorism financing policies.
The consultation paper prepared by the Department of Finance will be offering support to the five-year review plan that the parliament is going to make on the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). There is a need for making amendments to the current AML/ATF regime. This is what the parliament wants to bright forth in the forthcoming five-year review.
The main thing in the five-year review proposal is the need to expand the scope of the PCMLTFA. They want more financial service providers to be roped in. There is a need to expand the dealing with the current provision with regards to politically exposed persons.
The new plan would ask for the sharing of the information about money laundering and financing of the terrorist by the government agencies with private businesses. There is a call for modernizing the AML/ATF regulatory framework. Some of these proposals look very significant.