CANADA MONEY LAUNDERING ACT

Canada enacted the Proceeds of Crime and Terrorist Financing Act (the “Act”) to set up the mechanisms to detect and deter money laundering and the financing of terrorist activities in the country. The Act facilitates the conduct of investigations and prosecutions of money laundering and terrorist financing offences. It also established the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) as the agency responsible for the collection, analysis, and disclosure of information to assist in the detection, prevention, and deterrence of money laundering and terrorist financing.

The following questions have been addressed in this article:

What is the history of Canada’s anti-money laundering legislation?
What are the objectives of the Act?
What information will FINTRAC disclose to law enforcement authorities?

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