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

Act current to 2014-04-02 and last amended on 2013-12-12. Previous Versions

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 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; and

  • (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.

  • 2000, c. 17, s. 3;
  • 2001, c. 41, s. 50.

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;

  • (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.