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Budget Implementation Act, 2017, No. 1 (S.C. 2017, c. 20)

Assented to 2017-06-22

Consequential Amendments

R.S., c. A-1Access to Information Act

404 Schedule II to the Access to Information Act is amended by adding, in alphabetical order, a reference to

  • Canada Infrastructure Bank Act

    Loi sur la Banque de l’infrastructure du Canada

and a corresponding reference to “section 28”.

R.S., c. F-11Financial Administration Act

405 Part I of Schedule III to the Financial Administration Act is amended by adding, in alphabetical order, a reference to

  • Canada Infrastructure Bank

    Banque de l’infrastructure du Canada

R.S., c. M-13; 2000, c. 8, s. 2Payments in Lieu of Taxes Act

406 Schedule IV to the Payments in Lieu of Taxes Act is amended by adding, in alphabetical order, a reference to

  • Canada Infrastructure Bank

    Banque de l’infrastructure du Canada

DIVISION 192000, c. 17; 2001, c. 41, s. 48Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Amendments to the Act

  • 407 (1) The definition courier in section 2 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is repealed.

  • (2) The definition client in section 2 of the Act is replaced by the following:

    client

    client includes a person or entity that engages in a financial transaction with another person or entity. (client)

  • (3) Section 2 of the Act is amended by adding the following in alphabetical order:

    foreign state

    foreign state, except for the purposes of Part 2, means a country other than Canada and includes any political subdivision or territory of a foreign state. (État étranger)

  • (4) Section 2 of the Act is renumbered as subsection 2(1) and is amended by adding the following:

    • Marginal note:Definitions — regulations

      (2) The Governor in Council may, on the recommendation of the Minister, make regulations defining the following words and expressions:

      • (a) courier;

      • (b) monetary instruments;

      • (c) shell bank; and

      • (d) identifying information, for the purposes of subsection 54.1(3).

  • 408 (1) Section 5 of the Act is amended by adding the following after paragraph (e):

    • (e.1) trust companies incorporated or formed by or under a provincial Act that are not regulated by a provincial Act;

  • (2) Paragraphs 5(i) and (j) of the Act are replaced by the following:

    • (i) persons and entities engaged in a prescribed business, profession or activity;

    • (j) persons and entities engaged in a prescribed business or profession, while carrying out a prescribed activity;

  • (3) Paragraph 5(l) of the Act is replaced by the following:

    • (l) departments and agents or mandataries of Her Majesty in right of Canada or of a province that are engaged in the business of accepting deposit liabilities, that issue or sell money orders to, or redeem them from, the public or that sell prescribed precious metals, while carrying out a prescribed activity; and

409 Sections 6 and 6.1 of the Act are replaced by the following:

Marginal note:Record keeping

6 Every person or entity referred to in section 5 shall keep records in accordance with the regulations.

Marginal note:Verifying identity

6.1 Every person or entity referred to in section 5 shall verify the identity of a person or entity in accordance with the regulations.

410 The portion of section 7 of the Act before paragraph (a) is replaced by the following:

Marginal note:Transactions if reasonable grounds to suspect

7 Subject to section 10.1, every person or entity referred to in section 5 shall, in accordance with the regulations, report to the Centre every financial transaction that occurs or that is attempted in the course of their activities and in respect of which there are reasonable grounds to suspect that

411 Subsection 7.1(1) of the Act is replaced by the following:

Marginal note:Disclosure

412 Section 8 of the Act is replaced by the following:

Marginal note:No disclosure of reports

8 No person or entity shall disclose that they have made, are making or will make a report under section 7, or disclose the contents of such a report, with the intent to prejudice a criminal investigation, whether or not a criminal investigation has begun.

413 The portion of subsection 9(1) of the Act before paragraph (a) is replaced by the following:

Marginal note:Financial transactions to be reported

  • 9 (1) Subject to section 10.1, every person or entity referred to in section 5 shall report to the Centre, in accordance with the regulations,

414 Sections 9.1 and 9.2 of the Act are replaced by the following:

Marginal note:Reports under other Acts

9.1 Subject to section 9, every person or entity that is required to make a report to the Centre under another Act of Parliament or any regulations under it shall make the report in the form and manner and within the period prescribed under this Act for a report under that Act.

Marginal note:Inability to verify identity

9.2 No person or entity that is referred to in section 5 shall open an account for a client if the person or entity cannot verify the identity of the client in accordance with the regulations.

  • 415 (1) The portion of subsection 9.4(1) of the Act before paragraph (a) is replaced by the following:

    Marginal note:Correspondent banking

    • 9.4 (1) Every entity referred to in any of paragraphs 5(a), (b), (d) and (e) and every other entity that is referred to in section 5 and that is prescribed shall take the measures referred to in the regulations in respect of any correspondent banking relationship it enters into with a prescribed foreign entity and shall take the following measures before entering into such a correspondent banking relationship:

  • (2) The portion of subsection 9.4(1) of the Act before paragraph (a) is replaced by the following:

    Marginal note:Correspondent banking

    • 9.4 (1) Every entity referred to in any of paragraphs 5(a), (b), (d), (e) and (e.1) and every other entity that is referred to in section 5 and that is prescribed shall take the measures referred to in the regulations in respect of any correspondent banking relationship it enters into with a prescribed foreign entity and shall take the following measures before entering into such a correspondent banking relationship:

  • (3) Subsection 9.4(3) of the Act is replaced by the following:

    • Marginal note:Definition of correspondent banking relationship

      (3) For the purposes of this section, correspondent banking relationship means a relationship created by an agreement or arrangement under which an entity referred to in any of paragraphs 5(a), (b), (d), (e) and (e.1) or an entity that is referred to in section 5 and that is prescribed undertakes to provide to a prescribed foreign entity prescribed services or international electronic funds transfers, cash management or cheque clearing services.

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