Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Marginal note:Reporting and regulations — sections 7 and 7.1 and subsection 11.49(1)

• 75 (1) Every person or entity that knowingly contravenes section 7 or 7.1 or any regulation made under subsection 11.49(1) is guilty of an offence and liable

  • (a) on summary conviction,

    • (i) for a first offence, to a fine of not more than $500,000 or to imprisonment for a term of not more than six months, or to both, and

    • (ii) for a subsequent offence, to a fine of not more than $1,000,000 or to imprisonment for a term of not more than one year, or to both; or

  • (b) on conviction on indictment, to a fine of not more than $2,000,000 or to imprisonment for a term of not more than five years, or to both.

• Marginal note:Defence for employees

  (2) No employee of a person or an entity shall be convicted of an offence under subsection (1) in respect of a transaction or proposed transaction that they reported to their superior or in respect of property whose existence they reported to their superior.