Proceeds of Crime (Money Laundering) and Terrorist Financing Act

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 established by the governments of foreign states that has powers and duties similar to those of the Centre, if

  • (a) the Centre has reasonable grounds to suspect that the information would be relevant to the investigation or prosecution of a money laundering offence or a terrorist activity financing offence, or an offence that is substantially similar to either offence; and

  • (b) the Minister has, in accordance with subsection 56(1), entered into an agreement or arrangement with that foreign state or international organization regarding the exchange of such information.

• Marginal note:Disclosure to foreign agencies

  (2) The Centre may disclose designated information to an institution or agency of a foreign state that has powers and duties similar to those of the Centre, if

  • (a) the Centre has reasonable grounds to suspect that the information would be relevant to the investigation or prosecution of a money laundering offence or a terrorist activity financing offence, or an offence that is substantially similar to either offence; and

  • (b) the Centre has, in accordance with subsection 56(2), entered into an agreement or arrangement with that institution or agency regarding the exchange of such information.

• Marginal note:Request for information

  (2.1) For greater certainty, designated information may be disclosed to an institution or agency under subsection (1) or (2) in response to a request made by the institution or agency.

• Marginal note:Other disclosure

  (3) In order to perform its functions under paragraph 54(c), the Centre may direct queries to an institution or agency in respect of which an agreement referred to in subsection (1) or (2) has been entered into, and in doing so it may disclose designated information.

• Marginal note:Recording of reasons for decision

  (4) The Centre shall record in writing the reasons for all decisions to disclose information made under paragraph (1)(a) or (2)(a).

• Marginal note:Definition of “designated information”

  (5) For the purposes of this section, designated information means, in respect of a financial transaction or an importation or exportation of currency or monetary instruments,

  • (a) the name of the client or of the importer or exporter, or any person or entity acting on their behalf;

  • (b) the name and address of the place of business where the transaction occurred or the address of the customs office where the importation or exportation occurred, and the date the transaction, importation or exportation occurred;

  • (c) the amount and type of currency or monetary instruments involved or, in the case of a transaction, if no currency or monetary instruments are involved, the value of the transaction or the value of the funds that are the subject of the transaction;

  • (d) in the case of a transaction, the transaction number and the account number, if any; and

  • (e) any other similar identifying information that may be prescribed for the purposes of this section.