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Ottawa, July 25, 1997
1997-060

Proposed Amendments to Canada's Proceeds of Crime (Money Laundering) Regulations

Related documents:

• Regulatory Impact Analysis Statement.
• Regulations Amending the Proceeds of Crime (Money Laundering) Regulations.

Finance Minister Paul Martin today announced proposals for amending Canada's Proceeds of Crime (money laundering) Regulations.

The regulations, which were put in place in 1993, set out record-keeping and client identification requirements for financial institutions and other corporations and persons who could be used to launder money. These requirements are intended to facilitate money laundering investigations and prosecutions.

The Minister noted that at the time the regulations came into effect, the government told interested parties it intended to review the regulations within a reasonable time frame in order to fine-tune them in the light of compliance experience and changing money laundering practices.

A number of changes are now being proposed in response to views expressed by industry, as well as law enforcement authorities. "These amendments respond to the evolving problem of money laundering and the concerns of law enforcement authorities" the Minister said. "They will make our regime more effective and will make it easier for the industry to comply with the rules. They are also consistent with rules that have been adopted internationally."

Chief among the changes are modifications to client identification requirements, including additional flexibility in identifying clients to accommodate Internet banking, and the application of the money laundering regulations to casinos.

The proposed amendments, which are described in greater detail in the attached documents, are being prepublished for public comment in Part I of the Canada Gazette. Interested parties have 90 days to submit their views in writing to the Financial Sector Division of the Department of Finance.

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