Government of Canada Expands Its Anti-Money-Laundering and Anti-Terrorist-Financing Regime

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The following News Release or Speech has just been posted on the Finance Canada Site.

Ottawa, February 14th, 2008

The Honourable Jim Flaherty, Minister of Finance, and the Honourable Stockwell Day, Minister of Public Safety, today announced the publication of final regulations in the Government’s ongoing efforts to make Canada an unwelcome place for money laundering and terrorism financing.

“Canada is in this fight for the long haul,” said Minister Flaherty. “We have gone to great lengths to strengthen our regime in line with international standards, and we will continue to strive to make Canada a world leader in this arena.”

Under the new regulations, real estate developers will be required to meet client identification, record-keeping and transaction-reporting requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.In addition, casinos will have to report to the Financial Transactions and Reports Analysis Centre of Canada any large disbursements and keep records in respect of these transactions.

“Our government is committed to the fight against money laundering and terrorist financing,” said Minister Day. “I am confident that these regulations will play an integral role in helping to ensure the safety and security of all Canadians.”

The regulations, to be published in the Canada Gazette on February 20, are necessary steps in bringing the Canadian anti-money-laundering and anti-terrorist-financing regime into line with the revised international standards of the Financial Action Task Force.

For further information, media may contact:
Chisholm Pothier
Press Secretary
Office of the Minister of Finance

David Gamble
Media Relations
Department of Finance

SOURCE: Canada Finance Newsroom


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