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

Act current to 2017-01-31 and last amended on 2015-06-23. Previous Versions

Marginal note:Review of Act by parliamentary committee
  •  (1) Every five years beginning on the day on which this section comes into force, the administration and operation of this Act shall be reviewed by the committee of the House of Commons, of the Senate or of both Houses that is designated or established for that purpose.

  • Marginal note:Review by Privacy Commissioner

    (2) Every two years beginning on the day on which this section comes into force, the Privacy Commissioner, appointed under section 53 of the Privacy Act, shall review the measures taken by the Centre to protect information it receives or collects under this Act and shall, within three months after the review, submit a report on those measures to the Speaker of the Senate and the Speaker of the House of Commons, who shall each table the report in the House over which he or she presides without delay after receiving it or, if that House is not then sitting, on any of the first 15 days on which that House is sitting after the Speaker receives it.

  • 2000, c. 17, s. 72;
  • 2006, c. 12, s. 38.

PART 4Regulations

Marginal note:Regulations
  •  (1) The Governor in Council may, on the recommendation of the Minister, make any regulations that the Governor in Council considers necessary for carrying out the purposes and provisions of this Act, including regulations

    • (a) describing businesses, professions and activities for the purpose of paragraph 5(i);

    • (b) describing businesses and professions for the purpose of paragraph 5(j), and the activities to which that paragraph applies;

    • (c) describing the activities to which paragraph 5(l) applies;

    • (d) specifying the types of records to be kept and retained under section 6 and the information to be included in them;

    • (e) specifying the period for which, and the methods by which, records referred to in paragraph (d) are to be retained;

    • (e.1) specifying the information to be contained in a report under section 7 or 7.1 or subsection 9(1);

    • (e.2) prescribing the form and manner in which persons or entities or classes of persons or entities shall report under section 7, 7.1, 9 or 9.1;

    • (f) specifying measures, and the periods within which those measures must be taken, that persons or entities are to take to identify any person or entity that requests the opening of an account or any person or entity in respect of which a record is required to be kept or a report made;

    • (g) defining casinos, courier and monetary instruments;

    • (h) specifying the form and manner of reporting currency and monetary instruments for the purpose of subsection 12(1), and the information to be contained in the form, and specifying the period within which the reporting must be made;

    • (i) prescribing the circumstances referred to in section 9.2;

    • (j) prescribing, for the purposes of subsection 9.3(1), the manner for determining whether a person is a politically exposed foreign person and the circumstances in which it is necessary to make that determination;

    • (k) prescribing, for the purposes of subsection 9.3(2), the circumstances in which it is necessary to obtain the approval of senior management and the measures to be taken when dealing with a politically exposed foreign person;

    • (l) prescribing the offices and positions whose holders are politically exposed foreign persons for the purposes of paragraph 9.3(3)(j), prescribing the family members that are included in the definition politically exposed foreign person in subsection 9.3(3) and defining foreign state for the purposes of that subsection;

    • (m) prescribing the foreign entities to which subsection 9.4(1) applies and, for the purposes of that subsection, prescribing the information to be obtained about those entities and prescribing the measures to be taken;

    • (n) defining the expression shell bank referred to in section 9.4;

    • (o) prescribing the services referred to in the definition correspondent banking relationship in subsection 9.4(3);

    • (p) prescribing the electronic funds transfers to which section 9.5 applies, the information to be included with those transfers and the measures to be taken under that section;

    • (q) specifying the manner for establishing and implementing the program referred to in subsection 9.6(1);

    • (r) prescribing the special measures to be taken under subsection 9.6(3);

    • (s) prescribing persons and entities that must be registered with the Centre under section 11.1;

    • (t) prescribing persons or entities or classes of persons or entities that are not subject to section 11.1;

    • (u) prescribing, for the purposes of paragraph 11.11(1)(f), persons or entities that are not eligible for registration;

    • (v) prescribing the form and manner of submitting an application for registration under subsection 11.12(1) and the information that must be included with the application;

    • (w) prescribing the form and manner of notifying the Centre of any information that must be provided under section 11.13;

    • (x) prescribing the form and manner of providing the Centre with any clarifications under subsection 11.14(1) and any clarifications under subsection 11.17(1);

    • (y) prescribing, for the purposes of section 11.19, the form and manner for renewing registration and any longer renewal period;

    • (y.1) and (y.2) [Repealed, 2014, c. 20, s. 294]

    • (z) defining identifying information for the purposes of subsection 54.1(3); and

    • (z.1) prescribing anything else that by this Act is to be prescribed.

  • (2) and (3) [Repealed, 2001, c. 41, s. 73]

  • 2000, c. 17, s. 73;
  • 2001, c. 41, s. 73;
  • 2006, c. 12, s. 39;
  • 2010, c. 12, s. 1877;
  • 2014, c. 20, s. 294.

PART 4.1Notices of Violation, Compliance Agreements and Penalties

Violations

Marginal note:Regulations
  •  (1) The Governor in Council may make regulations

    • (a) designating, as a violation that may be proceeded with under this Part, the contravention of a specified provision of this Act or the regulations;

    • (b) classifying each violation as a minor violation, a serious violation or a very serious violation, and classifying a series of minor violations as a serious violation or a very serious violation;

    • (c) having regard to subsection (2), fixing a penalty, or a range of penalties, in respect of any violation;

    • (d) prescribing the additional penalty to be paid for the purposes of subsection 73.18(1);

    • (e) respecting the service of documents under this Part, including the manner and proof of service and the circumstances under which documents are deemed to be served; and

    • (f) generally for carrying out the purposes and provisions of this Part.

  • Marginal note:Maximum penalties

    (2) The maximum penalty for a violation is $100,000 if the violation is committed by a person and $500,000 if the violation is committed by an entity.

  • 2006, c. 12, s. 40.
Marginal note:Criteria for penalty

 Except if a penalty is fixed under paragraph 73.1(1)(c), the amount of a penalty shall, in each case, be determined taking into account that penalties have as their purpose to encourage compliance with this Act rather than to punish, the harm done by the violation and any other criteria that may be prescribed by regulation.

  • 2006, c. 12, s. 40.
Marginal note:How contravention may be proceeded with

 If a contravention that is designated under paragraph 73.1(1)(a) can be proceeded with either as a violation or as an offence under this Act, proceeding in one manner precludes proceeding in the other.

  • 2006, c. 12, s. 40.
Marginal note:Commission of violation
  •  (1) Every contravention that is designated under paragraph 73.1(1)(a) constitutes a violation and the person who commits the violation is liable to a penalty determined in accordance with sections 73.1 and 73.11.

  • Marginal note:Notice of violation or compliance agreement

    (2) If the Centre believes on reasonable grounds that a person or entity has committed a violation, the Centre may

    • (a) issue and cause to be served on the person or entity a notice of violation; or

    • (b) issue and cause to be served on the person or entity a notice of violation with an offer to reduce by half the penalty proposed in the notice if the person or entity enters into a compliance agreement with the Centre in respect of the provision to which the violation relates.

  • 2006, c. 12, s. 40.
 
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