Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Marginal note:Compliance agreement

• 73.16 (1) If a person or entity has committed a prescribed violation, then as soon as feasible after proceedings with respect to that prescribed violation are ended, the Centre shall require the person or entity to enter into a compliance agreement with the Centre.

• Marginal note:Mandatory content

  (2) The compliance agreement shall identify the prescribed violation and the provision to which it relates and, in addition to any other terms to which the parties may agree, shall include the following terms:

  • (a) the measures that are to be taken by the person or entity to comply with the provision; and

  • (b) the deadline for complying with the agreement.

• Marginal note:Extension of deadline

  (3) The Centre may amend the agreement by extending the deadline referred to in paragraph (2)(b) by a maximum period of one year if it is satisfied that the person or entity is making substantial progress in meeting the terms of the agreement, such that an extension would encourage compliance with this Act.

• Marginal note:Refusal to enter into agreement

  (4) Unless the person or entity enters into a compliance agreement within six months after the Centre requires it, or within any other longer period that the Centre allows, the person or entity is deemed to have refused to enter into a compliance agreement.