Canadian Federal Government Proposes Amendments to Anti-Money Laundering Regulations
|Area||Corporate and Commercial, Litigation, White Collar Risk Management and Investigations|
The Government of Canada has recently introduced a package of regulatory amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (the “Regulations”) in an effort to strengthen Canada’s anti-money laundering and anti-terrorist financing regime. The amendments follow several years of formal and informal consultations with stakeholders. Many of the proposed changes move toward greater flexibility for reporting entities, although increased compliance requirements will also be introduced for certain matters.