Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Marginal note:Offence — structured financial transactions

• 77.3 (1) Every person or entity commits an offence that directly or indirectly undertakes, or attempts to undertake, a structured financial transaction.

• Marginal note:Structured financial transactions

  (2) For the purpose of subsection (1), a structured financial transaction is a series of financial transactions that

  • (a) cause a person or entity referred to in section 5 to be in receipt of cash or virtual currency or involve the initiation of an international electronic funds transfer or the making of a disbursement, in any of the following transactions:

    • (i) the redemption of chips, tokens or plaques,

    • (ii) a front cash withdrawal,

    • (iii) a safekeeping withdrawal,

    • (iv) an advance on any form of credit, including an advance by a marker or a counter cheque,

    • (v) a payment on a bet, including a slot jackpot,

    • (vi) a payment to a client of funds received for credit to that client or another client,

    • (vii) the cashing of a cheque or the redemption of another negotiable instrument,

    • (viii) a reimbursement to a client of travel or entertainment expenses;

  • (b) would, if they occurred as a single financial transaction, require a person or entity referred to in section 5 to report it to the Centre; and

  • (c) are undertaken with the intent that a person or entity referred to in section 5 will not report a financial transaction to the Centre.

• Marginal note:Punishment

  (3) Every person or entity that is guilty of an offence under subsection (1) is liable

  • (a) on summary conviction, to a fine or imprisonment for a term of not more than two years less a day, or to both; or

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