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

Act current to 2014-09-29 and last amended on 2014-06-19. Previous Versions

Limitation and Prohibition of Financial Transactions

Marginal note:Regulations — limitation and prohibition
  •  (1) The Governor in Council may, on the recommendation of the Minister, make regulations

    • (a) imposing a limitation or a prohibition on any person or entity referred to in section 5, with respect to entering into, undertaking or facilitating, directly or indirectly, any financial transaction, or any financial transaction within a class of financial transactions, originating from or bound for any foreign state or foreign entity;

    • (b) prescribing terms and conditions with respect to a limitation or prohibition referred to in paragraph (a); and

    • (c) excluding any transaction or any class of transactions from a limitation or prohibition imposed under paragraph (a).

  • Marginal note:Consultation with the Minister of Foreign Affairs

    (2) The Minister shall consult with the Minister of Foreign Affairs before making a recommendation.

  • Marginal note:Relevant circumstances

    (3) The Minister may, before making a recommendation, take into account any circumstance that the Minister considers relevant. However, the Minister may only make a recommendation

    • (a) if

      • (i) an international organization, body, association or coalition or a grouping of states (such as the Financial Action Task Force) of which Canada is a member has called on its members to take measures in relation to a foreign state or foreign entity on the ground that the state’s or entity’s anti-money laundering or anti-terrorist financing measures are ineffective or insufficient, and

      • (ii) there is a risk that money laundering activities or terrorist financing activities may be carried out in that foreign state or by means of that foreign entity; or

    • (b) if the anti-money laundering or anti-terrorist financing measures that a foreign state or a foreign entity has implemented are ineffective or insufficient, the risk of money laundering activities or terrorist financing activities being carried out in that foreign state or by means of that foreign entity is significant and, as a result, the Minister is of the opinion that there could be an adverse impact on the integrity of the Canadian financial system or a reputational risk to that system.

  • 2010, c. 12, s. 1869.
Marginal note:Review
  •  (1) The Minister shall, at least every three years after the making of a regulation under this Part, review that regulation to determine whether it is advisable, in the Minister’s opinion, that it be amended or repealed.

  • Marginal note:Relevant circumstances

    (2) In reviewing a regulation, the Minister may take into account any circumstance that the Minister considers relevant.

  • 2010, c. 12, s. 1869.
Marginal note:Foreign branches

 Every entity referred to in any of paragraphs 5(a) to (g), except for authorized foreign banks within the meaning of section 2 of the Bank Act and for foreign companies within the meaning of section 2 of the Insurance Companies Act, shall ensure that its foreign branches comply with any regulation made under subsection 11.49(1) to the extent it is permitted by, and does not conflict with, the laws of the country in which the branch is located.

  • 2010, c. 12, s. 1869;
  • 2014, c. 20, s. 270.