Calgary man given conditional sentence for money laundering - CTV News

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Canada’s anti-money laundering (AML) framework is undergoing a period of rapid transformation, with intensified enforcement by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), new legislative proposals, and emerging judicial guidance from the Federal Court. In this article, we synthesize recent developments and their implications for regulated institutions in Canada, with a focus on FINTRAC and its administrative monetary penalties (AMPs). Background The Financial Action Task Force (FATF) has conducted a mutual evaluation of Canada’s AML and anti-terrorist financing (ATF) regime, with the final report released on September 29. FATF is the standard-setting body for measures to combat money laundering, terrorist financing, and other threats to the integrity of the global financial system; its country assessments carry substantial weight. The assessment found that, since its last mutual evaluation, Canada has taken steps to strengthen its defences against illicit finance, but should improve the effectiveness of risk-based supervision, and prioritize the investigation and prosecution of complex money laundering cases in line with the country’s risk profile.