Budget Implementation Act, 2017, No. 1 (S.C. 2017, c. 20)
Full Document:
- HTMLFull Document: Budget Implementation Act, 2017, No. 1 (Accessibility Buttons available) |
- PDFFull Document: Budget Implementation Act, 2017, No. 1 [2781 KB]
Assented to 2017-06-22
PART 4Various Measures (continued)
DIVISION 192000, c. 17; 2001, c. 41, s. 48Proceeds of Crime (Money Laundering) and Terrorist Financing Act (continued)
Amendments to the Act (continued)
424 Section 11.44 of the Act is replaced by the following:
Marginal note:Foreign branches and subsidiaries
11.44 (1) 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 subsection 2(1) of the Insurance Companies Act, shall ensure that its foreign branches, and that its foreign subsidiaries that carry out activities similar to those of entities referred to in those paragraphs and that are either wholly-owned by the entity or have financial statements that are consolidated with those of the entity, comply with any directive issued under this Part, except with respect to any reporting measure as contemplated by paragraph 11.42(2)(e), to the extent it is permitted by, and does not conflict with, the laws of the foreign state in which the branch or subsidiary is located.
Marginal note:Records and reporting
(2) If compliance with a directive by a branch or a subsidiary is not permitted by or would conflict with the laws of the foreign state in which the branch or subsidiary is located, the entity shall keep, in accordance with section 6, a record of that fact and of the reasons why it is not permitted or it would conflict, and shall, within a reasonable time, notify the Centre, and the principal agency or body that supervises or regulates it under federal or provincial law, of that fact and those reasons.
425 (1) Paragraph 11.49(1)(a) of the Act is replaced by the following:
(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, foreign entity or entity referred to in paragraph 5(e.1);
(2) Paragraphs 11.49(3)(a) and (b) of the Act are replaced by the following:
(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, foreign entity or entity referred to in paragraph 5(e.1) 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 entity referred to in paragraph 5(e.1); or
(b) if the anti-money laundering or anti-terrorist financing measures that a foreign state, a foreign entity or an entity referred to in paragraph 5(e.1) 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 or entity referred to in paragraph 5(e.1) 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.
426 Section 11.6 of the Act is replaced by the following:
Marginal note:Foreign branches
11.6 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 subsection 2(1) 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 foreign state in which the branch is located.
427 Subsection 30(1) of the Act is replaced by the following:
Marginal note:Appeal to Federal Court
30 (1) A person who makes a request under section 25 for a decision of the Minister may, within 90 days after being notified of the decision, appeal the decision by way of an action in the Federal Court in which the person is the plaintiff and the Minister is the defendant.
428 Paragraph 53.3(1)(c) of the Act is replaced by the following:
(c) a government of a foreign state, an international organization or an institution or agency of a foreign state that has powers and duties similar to those of the Centre, with which the Minister or the Centre has entered into a written agreement or arrangement under subsection 56(1) or (2), if the agreement or arrangement so provides.
429 Subsection 55(7) of the Act is amended by striking out “and” at the end of paragraph (p) and by adding the following after paragraph (q):
(r) the name, address, electronic mail address and telephone number of every trustee and every known beneficiary and settlor of a trust referred to in paragraph (a);
(s) the name, address, electronic mail address and telephone number of each person who owns or controls, directly or indirectly, 25% or more of an entity referred to in paragraph (a), other than a trust; and
(t) information respecting the ownership, control and structure of an entity referred to in paragraph (a).
430 (1) Subsection 55.1(1) of the Act is amended by striking out “and” at the end of paragraph (c), by adding “and” at the end of paragraph (d) and by adding the following after paragraph (d):
(e) the Department of National Defence and the Canadian Forces, if the Centre also has reasonable grounds to suspect that the information is relevant to such a threat as it relates to that Department or the Canadian Forces.
(2) Subsection 55.1(3) of the Act is amended by striking out “and” at the end of paragraph (p) and by adding the following after paragraph (q):
(r) the name, address, electronic mail address and telephone number of every trustees and every known beneficiary and settlor of a trust referred to in paragraph (a);
(s) the name, address, electronic mail address and telephone number of each person who owns or controls, directly or indirectly, 25% or more of an entity referred to in paragraph (a), other than a trust; and
(t) information respecting the ownership, control and structure of an entity referred to in paragraph (a).
431 Subsection 56(1) of the Act is replaced by the following:
Marginal note:Agreements and arrangements
56 (1) The Minister may enter into an agreement or arrangement, in writing, with the government of a foreign state or an international organization regarding the exchange, between the Centre and any institution or agency of that state or organization that has powers and duties similar to those of the Centre, of information that the Centre, institution or agency has reasonable grounds to suspect would be relevant to investigating or prosecuting a money laundering offence or a terrorist activity financing offence, or an offence that is substantially similar to either offence.
432 (1) The portion of subsection 56.1(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Disclosure to foreign agencies
56.1 (1) The Centre may disclose designated information to an institution or agency of a foreign state or of an international organization that has powers and duties similar to those of the Centre, if
(2) Subsection 56.1(5) of the Act is amended by striking out “and” at the end of paragraph (o) and by adding the following after paragraph (p):
(q) the name, address, electronic mail address and telephone number of every trustee and every known beneficiary and settlor of a trust referred to in paragraph (a);
(r) the name, address, electronic mail address and telephone number of each person who owns or controls, directly or indirectly, 25% or more of an entity referred to in paragraph (a), other than a trust; and
(s) information respecting the ownership, control and structure of an entity referred to in paragraph (a).
433 The portion of subsection 65.1(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Agreements and arrangements
65.1 (1) The Centre may enter into an agreement or arrangement, in writing, with an institution or agency of a foreign state that has powers and duties, similar to those of the Centre, with respect to verifying compliance with requirements to identify persons or entities, keep records or make reports, or with an international organization made up of such institutions or agencies, that stipulates
- Date modified: