Budget Implementation Act, 2023, No. 1 (S.C. 2023, c. 26)
Full Document:
- HTMLFull Document: Budget Implementation Act, 2023, No. 1 (Accessibility Buttons available) |
- PDFFull Document: Budget Implementation Act, 2023, No. 1 [3565 KB]
Assented to 2023-06-22
PART 4Various Measures (continued)
DIVISION 3Measures Related to Money Laundering and to Digital Assets and Other Measures (continued)
SUBDIVISION A2000, c. 17; 2001, c. 41, s. 48Proceeds of Crime (Money Laundering) and Terrorist Financing Act (continued)
183 Section 11.1 of the Act is replaced by the following:
Marginal note:Registration requirement
11.1 Except as otherwise prescribed by regulation, every person or entity referred to in paragraph 5(h) or (h.1), those referred to in paragraph 5(l) that issue or sell money orders to, or redeem them from, the public, and every other person or entity that is referred to in section 5 and that is prescribed must register with the Centre.
184 Subsection 11.11(2) of the Act is replaced by the following:
Marginal note:Revocation of registration
(2) If a person or entity referred to in subsection (1) is registered with the Centre, its registration is revoked as of the day the person or entity becomes ineligible to register under that subsection. If the Centre becomes aware that a person’s or entity’s registration was revoked under this subsection, it must provide, without delay, a written notice of the revocation to that person or entity.
185 (1) Paragraphs 11.12(1)(b) and (c) of the Act are replaced by the following:
(b) if the applicant is a person referred to in paragraph 5(h) or (h.1), a document that sets out the person’s record of criminal convictions, or states that the person does not have one, that is issued by a competent authority of — or an entity or authority that is competent to issue the document in — the jurisdiction in which the person resides;
(c) if the applicant is an entity referred to in paragraph 5(h) or (h.1), for each of the chief executive officer, the president and the directors of the entity and for each person who owns or controls, directly or indirectly, 20% or more of the entity or the shares of the entity, a document that sets out the person’s record of criminal convictions, or states that the person does not have one, and that is issued by a competent authority of — or an entity or authority that is competent to issue the document in — the jurisdiction in which the person resides;
(c.1) if the applicant is a person or entity referred to in paragraph 5(h.1), the name and address for service of a person who resides in Canada and who is authorized to accept, on behalf of the person or entity, notices that are served or caused to be served by the Centre under this Act;
(c.2) if the applicant is an entity, the prescribed information in respect of the entity’s incorporation or formation; and
(2) Section 11.12 of the Act is amended by adding the following after subsection (1):
Marginal note:Translation
(1.1) If a document referred to in paragraph (1)(b) or (c) is made in a language other than English or French, the application shall include a translation of it into one of those languages attested to by a person who is recognized as a certified translator either by a provincial organization or body that is competent under provincial law to issue such certifications or by an organization or body in a foreign state that this competent under the laws of that state to do so.
186 Subsection 11.13(2) of the Act is replaced by the following:
Marginal note:Denial or revocation
(2) If the name or address for service of a person referred to in paragraph 11.12(1)(c.1) changes, and an applicant or registered person or entity who is or was required to provide the information described in that paragraph does not, within the period referred to in subsection (1), provide the Centre with the new name or address for service, the Centre shall without delay after becoming aware of that fact deny the application, or revoke the registration, as the case may be, and shall, without delay, inform the applicant or registered person or entity of the denial or revocation.
187 The Act is amended by adding the following after section 11.17:
Marginal note:Revocation — contravention
11.171 The Centre may revoke the registration of a person or entity that contravenes subsection 62(2) or a notice served under section 63.1 and shall, without delay, inform the person or entity of the revocation.
188 Subsection 11.4(3) of the Act is replaced by the following:
Marginal note:Precautions against disclosure
(3) In an appeal, the Court shall take every reasonable precaution, including, when appropriate, conducting hearings in private, to avoid the disclosure by the Court or any person or entity of information referred to in subsection 55(1). However, the Court is not required to take those precautions with respect to the appellant’s name and operating name.
189 Subsection 11.42(4) of the Act is amended by striking out “or” at the end of paragraph (a), by adding “or” at the end of paragraph (b) and by adding the following after paragraph (b):
(c) there is a risk that a foreign state, a foreign entity or a person or entity referred to in section 5 may be facilitating the financing of threats to the security of Canada 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.
190 Section 53.2 of the Act is replaced by the following:
Marginal note:Limitation
53.2 (1) The Director shall disclose under subsection 53.1(1) information that would directly or indirectly identify any person or entity only if
(a) the person or entity is a foreign entity, as defined in section 11.41;
(b) the person or entity is one referred to in section 5; or
(c) the information is requested for the purpose of carrying out the Minister’s powers and duties under section 11.7.
Marginal note:Clarification
(2) For greater certainty, if information referred to in subsection (1) that would directly or indirectly identify any person or entity, other than one referred to in paragraph (1)(a) or (b), is contained in a document, whether in written form or in any other form, that is otherwise required to be disclosed under subsection 53.1(1), the Director shall provide the document with that information excluded.
191 The Act is amended by adding the following after section 53.3:
Marginal note:Information — assessment of risks
53.31 (1) For the purpose of assessing risks to the integrity of the Canadian financial system that may arise from the grant, revocation, suspension or amendment of an approval, the Minister, officers of the Department of Finance, the Director and the Superintendent of Financial Institutions may disclose to each other, and collect from each other, any information that relates both to the approval and to money laundering activities or terrorist financing activities.
Marginal note:Limitation — Director
(2) The Director may disclose information under subsection (1) only if it relates to compliance with Part 1 or 1.1.
Marginal note:Definition of approval
(3) In subsection (1), approval has the same meaning as in section 973 of the Bank Act, section 1016 of the Insurance Companies Act and section 527.2 of the Trust and Loan Companies Act.
192 The Act is amended by adding the following after section 53.31:
Marginal note:National security or integrity of financial system
53.32 (1) For the purpose of assisting the Minister in determining whether to grant, revoke, suspend or amend an approval or in exercising the Minister’s powers or performing the Minister’s functions and duties under any of sections 32 to 47 and 96 of the Retail Payment Activities Act, the Director may, at the request of the Minister or an officer of the Department of Finance, disclose to the Minister or the officer, as the case may be, any information that is under the control of the Centre and that relates to national security or to safeguarding the integrity of Canada’s financial system.
Marginal note:Limitation
(2) Any information disclosed under subsection (1) may be used by the recipient only for the purpose of deciding whether to grant, revoke, suspend or amend an approval or in the exercise of the powers, or the performance of the functions and duties, referred to in subsection (1).
Marginal note:Records
(3) The Director shall cause to be kept a record of any request for information referred to in subsection (1) and of any information that is disclosed under that subsection.
Marginal note:Definition of approval
(4) In this section, approval has the same meaning as in section 973 of the Bank Act, section 1016 of the Insurance Companies Act and section 527.2 of the Trust and Loan Companies Act.
193 (1) The portion of subsection 55(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Disclosure by Centre prohibited
55 (1) Subject to subsections (3) and (6.1), sections 52, 53.1, 53.31 to 53.5, 55.1, 56.1 and 56.2, subsection 58(1) and sections 58.1, 65 to 65.1 and 68.1 of this Act and to subsection 12(1) of the Privacy Act, the Centre shall not disclose the following:
(2) Paragraph 55(7)(a) of the Act is replaced by the following:
(a) the name of any person or entity that is involved in the transaction, attempted transaction, importation or exportation or of any person or entity acting on their behalf;
(a.1) the date of birth, gender, country of residence and nature of the occupation or business of a person referred to in paragraph (a), any alias that they use or have used and the name and business address of their employer;
(a.2) the nature of the principal business of an entity referred to in paragraph (a), the entity’s registration or incorporation number and the jurisdiction and country of issue of that number;
(a.3) the following information in respect of a person or entity referred to in paragraph (a):
(i) their address, telephone number and electronic mail address,
(ii) any identification number assigned to them by a person or entity who made a report referred to in subsection (1),
(iii) the Uniform Resource Locator of their website, and
(iv) the type of document or other information used to identify or verify their identity, the jurisdiction and country of issue of the document and the number of the document or the number associated with the information;
(3) Paragraphs 55(7)(c) to (d.1) of the Act are replaced by the following:
(b.1) the purpose of the transaction, attempted transaction, importation or exportation;
(c) in the case of an importation or exportation, the amount and type of currency or monetary instruments;
(c.1) in the case of a transaction or attempted transaction,
(i) the amount and type of currency, monetary instruments or virtual currency involved, or
(ii) if no currency, monetary instruments or virtual currency is involved, the value of the transaction or attempted transaction or the type and value of the funds or other remittances that are the subject of the transaction or attempted transaction;
(c.2) the rate of exchange used in relation to the transaction, attempted transaction, importation or exportation;
(d) in the case of a transaction or attempted transaction,
(i) the manner in which the transaction was conducted or the attempted transaction was to be conducted,
(ii) any transaction number, account number, institution number, branch number or similar identifying number involved,
(iii) the date on which any account involved is opened or closed, as well as its status,
(iv) the posting date,
(v) any identification number assigned to a person or entity referred to in paragraph (a) as part of the transaction or attempted transaction, and
(vi) the bank identification code or business entity identifier of any person or entity referred to in paragraph (a) that is a member of the Society for Worldwide Interbank Financial Telecommunication;
(d.1) in the case of a transaction or attempted transaction involving virtual currency or an electronic funds transfer as defined in the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, transaction identifiers, including sending and receiving addresses, and any user name of a person or entity referred to in paragraph (a);
(4) Subsection 55(7) of the Act is amended by adding the following after paragraph (d.2):
(d.3) in the case of a transaction or attempted transaction that, in whole or in part, is conducted online, the type of device used to conduct the transaction or attempted transaction, as well as the date and time of the transaction or attempted transaction;
(d.4) in the case of a transaction, whether it was completed or not;
(d.5) in the case of an incomplete transaction or an attempted transaction, the reason it was not completed;
(5) Subsection 55(7) of the Act is amended by adding the following after paragraph (h):
(h.1) in the case of a transaction or attempted transaction involving an electronic funds transfer as defined in the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, any information in respect of the relationships that exist between any persons or entities connected in any way to the transaction or attempted transaction, including any person or entity that initiates or may benefit from it;
- Date modified: