Proceeds of Crime (Money Laundering) and Terrorist Financing
Act
The Proceeds of Crime (Money Laundering) Act was amended in
December, 2001 to become the Proceeds of Crime (Money Laundering)
and Terrorist Financing Act.
The object of the Proceeds of Crime (Money Laundering) and
Terrorist Financing Act is:
- to implement specific measures to detect and deter money laundering
and the financing of terrorist activities to facilitate the
investigation or prosecution of money laundering and terrorist
financing offences, including
- establishing record keeping and client identification
requirements for financial services providers and other persons
that engage in businesses, professions or activities that are
susceptible to being used for money laundering, and the financing
of terrorist activities,
(Obtain more information on who has
to report to FINTRAC?)
- requiring the reporting of suspicious financial transactions and
of cross-border movements of currency and monetary instruments,
and
- establishing an agency that is responsible for dealing with
reported and other information;
- to respond to the threat posed by organized crime by providing law
enforcement officials with the information they need to investigate
and prosecute money laundering or terrorist financing offences, while
ensuring that appropriate safeguards are put in place to protect the
privacy of persons with respect to personal information about
themselves; and
- to assist in fulfilling Canada's international commitments to
participate in the fight against transnational crime, particularly
money laundering and the fight against terrorist activities.
Reference
An office consolidation of the Proceeds of Crime (Money
Laundering) and Terrorist Financing Act is available for your
reference (PDF - MSWord).
The office consolidation takes into account amendments to the law. This
document is intended for reference only.
Please consult the Justice Canada website for THE
OFFICIAL version of the law.
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