Canada: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2008/372, IMF Staff Country Reports from International Monetary Fund

Abstract: The paper presents Canada’s report on the Observance of Standards and Codes on the Financial Action Task Force (FATF) recommendations for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). Canada has strengthened its overall AML/CFT regime since its last FATF mutual evaluation (1997) by implementing a number of changes both in terms of statutory amendments and structural changes. The most important developments have been the enactment of the Proceeds of Crime and Terrorist Financing Act and the creation of the Canadian Financial Intelligence Unit in 2000.

Keywords: ISCR; CR; Canada; financial institution; FINTRAC; authority; law enforcement authority; FINTRAC disclosure; FATF standard; PCMLTF regulation; FATF requirement; FATF recommendation; due diligence; TF offence; secrecy law; terrorist activity; cash transaction; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Legal support in revenue administration; Global (search for similar items in EconPapers)
Pages: 31
Date: 2008-12-11
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