Canada’s New Anti-Money Laundering Legislation Significantly Raises Penalties and Adds New Violation - Blake, Cassels & Graydon

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.

Arctic security threat ‘has changed significantly’: foreign minister As Anita Anand prepared to address the United Nations, the foreign minister told The West Block the "Russian threat is moving further and further north towards the Arctic Circle. " This, as a senior Russian official warns that any moves toward greater security in the region "increases the risks of incidents that could trigger ... potentially disastrous consequences. " – Sep 27, 2026