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  • Writer's pictureDeborah

On June 7, 2023, the federal government published a Consultation Paper seeking comments on potential changes to Canada's anti-money laundering and anti-terrorist financing (“AML/ATF”) regime with the aim to provide to keep the AML/ATF Regime current in response to market developments, as well as new and evolving risks.

Stakeholders should provide their feedback on various areas including:

  • Federal, provincial, and territorial collaboration

  • Investigation and prosecution of the offence of laundering proceeds of crime (e.g. third-party money laundering…)

  • Offences for other economically-motivated crime (e.g. “phishing” or “spoofing”...)

  • Sentencing for laundering proceeds of crime

  • Access to subscriber information under the Criminal Code

  • Electronic devices (e.g. inclusion of a power to search a person for a thing or property…)

  • Digital assets and related challenges (e.g. seizure and restraint of digital assets including cryptocurrency for evidentiary purposes or as offence-related property…)

  • Keep open accounts under investigation

  • Mandate and structure of the Canada Financial Crimes Agency

  • Information sharing (e.g. private-to-private information sharing; public-to-private information sharing)

  • Information sharing between the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and reporting entities

  • Database of Politically Exposed Persons and Heads of International Organizations

  • Modernizing data collection authorities (e.g. to enable the acquisition of publicly available, including commercial...)

  • Sharing information between FINTRAC and other regulators

  • Training

  • Review existing reporting entities

  • Payment Service Providers (distinction from money services businesses)

  • Virtual currency, digital assets, and technology-enabled finance (e.g. crypto-mixers /crypto-tumblers, decentralized finance, non-fungible tokens, fintech, privacy-enhancing coins, tokenized assets…)

  • Regulatory compliance framework (e.g. role of the compliance officer, recording, publicizing violations and penalties; administrative penalties against individuals, reporting, money services businesses and foreign MSB registration framework…)

  • Restriction of third-party cash deposits

Comments on the proposals must be submitted by August 1, 2023.

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