Proceeds of Crime (Money Laundering) and Terrorist Financing Act (S.C. 2000, c. 17)

Act current to 2016-09-18 and last amended on 2015-06-23. Previous Versions

Proceeds of Crime (Money Laundering) and Terrorist Financing Act

S.C. 2000, c. 17

Assented to 2000-06-29

An Act to facilitate combatting the laundering of proceeds of crime and combatting the financing of terrorist activities, to establish the Financial Transactions and Reports Analysis Centre of Canada and to amend and repeal certain Acts in consequence

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Short Title

Marginal note:Short title

 This Act may be cited as the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

  • 2000, c. 17, s. 1;
  • 2001, c. 41, s. 48.

Interpretation

Marginal note:Definitions

 The definitions in this section apply in this Act.

authorized person

personne autorisée

authorized person means a person who is authorized under subsection 45(2). (personne autorisée)

Centre

Centre

Centre means the Financial Transactions and Reports Analysis Centre of Canada established by section 41. (Centre)

client

client

client means a person or an entity that engages in a financial transaction or activity with a person or an entity referred to in section 5, and includes a person or an entity on whose behalf the person or the entity that engages in the transaction or activity is acting. (client)

Commissioner

Commissioner[Repealed, 2005, c. 38, s. 124]

courier

messager

courier means a courier as defined by regulation. (messager)

customs office

bureau de douane

customs office has the same meaning as in subsection 2(1) of the Customs Act. (bureau de douane)

entity

entité

entity means a body corporate, a trust, a partnership, a fund or an unincorporated association or organization. (entité)

Financial Action Task Force

Groupe d’action financière

Financial Action Task Force means the Financial Action Task Force on Money Laundering established in 1989. (Groupe d’action financière)

legal counsel

conseiller juridique

legal counsel means, in Quebec, an advocate or a notary and, in any other province, a barrister or solicitor. (conseiller juridique)

legal firm

cabinet juridique

legal firm means an entity that is engaged in the business of providing legal services to the public. (cabinet juridique)

mail

envois ou courrier

mail has the same meaning as in subsection 2(1) of the Canada Post Corporation Act. (envois ou courrier)

Minister

ministre

Minister means, in relation to sections 24.1 to 39, the Minister of Public Safety and Emergency Preparedness and, in relation to any other provision of this Act, the Minister of Finance. (ministre)

money laundering offence

infraction de recyclage des produits de la criminalité

money laundering offence means an offence under subsection 462.31(1) of the Criminal Code. (infraction de recyclage des produits de la criminalité)

officer

officer[Repealed, 2014, c. 20, s. 254]

person

personne

person means an individual. (personne)

prescribed

Version anglaise seulement

prescribed means prescribed by regulations made by the Governor in Council. (Version anglaise seulement)

President

président

President means the President of the Canada Border Services Agency appointed under subsection 7(1) of the Canada Border Services Agency Act. (président)

terrorist activity

activité terroriste

terrorist activity has the same meaning as in subsection 83.01(1) of the Criminal Code. (activité terroriste)

terrorist activity financing offence

infraction de financement des activités terroristes

terrorist activity financing offence means an offence under section 83.02, 83.03 or 83.04 of the Criminal Code or an offence under section 83.12 of the Criminal Code arising out of a contravention of section 83.08 of that Act. (infraction de financement des activités terroristes)

threats to the security of Canada

menaces envers la sécurité du Canada

threats to the security of Canada has the same meaning as in section 2 of the Canadian Security Intelligence Service Act. (menaces envers la sécurité du Canada)

violation

violation

violation means a contravention of this Act or the regulations that is designated as a violation by regulations made under subsection 73.1(1). (violation)

  • 2000, c. 17, s. 2, c. 24, s. 76.1;
  • 2001, c. 32, s. 70, c. 41, ss. 49, 132;
  • 2005, c. 38, ss. 124, 145;
  • 2006, c. 12, s. 1;
  • 2010, c. 12, s. 1862;
  • 2014, c. 20, s. 254.

Object of Act

Marginal note:Object

 The object of this Act is

  • (a) to implement specific measures to detect and deter money laundering and the financing of terrorist activities and to facilitate the investigation and prosecution of money laundering offences and terrorist activity financing offences, including

    • (i) establishing record keeping and client identification requirements for financial services providers and other persons or entities that engage in businesses, professions or activities that are susceptible to being used for money laundering or the financing of terrorist activities,

    • (ii) requiring the reporting of suspicious financial transactions and of cross-border movements of currency and monetary instruments, and

    • (iii) establishing an agency that is responsible for ensuring compliance with Parts 1 and 1.1 and for dealing with reported and other information;

  • (b) to respond to the threat posed by organized crime by providing law enforcement officials with the information they need to deprive criminals of the proceeds of their criminal activities, while ensuring that appropriate safeguards are put in place to protect the privacy of persons with respect to personal information about themselves;

  • (c) to assist in fulfilling Canada’s international commitments to participate in the fight against transnational crime, particularly money laundering, and the fight against terrorist activity; and

  • (d) to enhance Canada’s capacity to take targeted measures to protect its financial system and to facilitate Canada’s efforts to mitigate the risk that its financial system could be used as a vehicle for money laundering and the financing of terrorist activities.

  • 2000, c. 17, s. 3;
  • 2001, c. 41, s. 50;
  • 2010, c. 12, s. 1863;
  • 2014, c. 20, s. 255.

Her Majesty

Marginal note:Binding on Her Majesty

 This Act is binding on Her Majesty in right of Canada or a province.

PART 1Record Keeping, Verifying Identity, Reporting of Suspicious Transactions and Registration

Application

Marginal note:Application of Part

 This Part applies to the following persons and entities:

  • (a) authorized foreign banks within the meaning of section 2 of the Bank Act in respect of their business in Canada, or banks to which that Act applies;

  • (b) cooperative credit societies, savings and credit unions and caisses populaires regulated by a provincial Act and associations regulated by the Cooperative Credit Associations Act;

  • (c) life companies or foreign life companies to which the Insurance Companies Act applies or life insurance companies regulated by a provincial Act;

  • (d) companies to which the Trust and Loan Companies Act applies;

  • (e) trust companies regulated by a provincial Act;

  • (f) loan companies regulated by a provincial Act;

  • (g) persons and entities authorized under provincial legislation to engage in the business of dealing in securities or any other financial instruments or to provide portfolio management or investment advising services, other than persons who act exclusively on behalf of such an authorized person or entity;

  • (h) persons and entities engaged in the business of foreign exchange dealing, of remitting funds or transmitting funds by any means or through any person, entity or electronic funds transfer network, or of issuing or redeeming money orders, traveller’s cheques or other similar negotiable instruments except for cheques payable to a named person or entity;

  • (i) persons and entities engaged in a business, profession or activity described in regulations made under paragraph 73(1)(a);

  • (j) persons and entities engaged in a business or profession described in regulations made under paragraph 73(1)(b), while carrying out the activities described in the regulations;

  • (k) casinos, as defined in the regulations, including those owned or controlled by Her Majesty;

  • (l) departments and agents of Her Majesty in right of Canada or of a province that are engaged in the business of accepting deposit liabilities, that sell money orders to the public or that sell prescribed precious metals, while carrying out the activities described in regulations made under paragraph 73(1)(c); and

  • (m) for the purposes of section 7, employees of a person or entity referred to in any of paragraphs (a) to (l).

  • 2000, c. 17, s. 5;
  • 2001, c. 41, s. 51;
  • 2006, c. 12, s. 3;
  • 2014, c. 20, s. 256.
 
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