Canada expands regulation on anti-money laundering and anti-terrorist financing
On February 14, 2008, the Canada’s federal government announced the final regulations in its ongoing efforts to make Canada an unwelcome place for money laundering and terrorism financing were published.
Canada’s Finance Minister Jim Flaherty said that the country is ready to go to great lengths in order to strengthen its regime in line with international standards, and that it will continue fighting for being a world leader in this regard.
It is worth noting that new regulations cover real estate developers. In accordance with the regulations, real estate developers will have to observe the requirements of client identification, record-keeping and transaction-reporting under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Also, casinos be required to report to the Financial Transactions and Reports Analysis Centre of Canada any large disbursements as well as to keep records on of these transactions.
The regulations were published in the Canada Gazette today, on February 20.Â