Budget Implementation Act, 2017, No. 1 (S.C. 2017, c. 20)

2014, c. 20Economic Action Plan 2014 Act, No. 1

Amendments to the Act

• 436 (1) Subsection 256(2) of the French version of the Economic Action Plan 2014 Act, No. 1 is amended by replacing the portion of paragraph 5(h) before subparagraph (i) that it enacts with the following:

  • h) les personnes et entités qui ont un établissement au Canada et qui se livrent à la fourniture de l’un des services suivants :

• (2) Subsection 256(2) of the Act is amended by replacing the subparagraphs 5(h)(iv) and (v) that it enacts with the following:

  • (iv) dealing in virtual currencies, or

  • (v) any prescribed service;

• (3) Subsection 256(2) of the Act is amended by replacing the portion of paragraph 5(h.1) before subparagraph (i) that it enacts with the following:

  • (h.1) persons and entities that do not have a place of business in Canada, that are engaged in the business of providing at least one of the following services that is directed at persons or entities in Canada, and that provide those services to their clients in Canada:

• (4) Subsection 256(2) of the Act is amended by replacing the subparagraphs 5(h.1)(iv) and (v) that it enacts with the following:

  • (iv) dealing in virtual currencies, or

  • (v) any prescribed service;

• 437 (1) Section 258 of the Act is amended by replacing the subsections 9.3(2) and (2.1) that it enacts with the following:

  • Marginal note:Measures — politically exposed foreign persons

    (2) If the person or entity determines that it is dealing with a person described in paragraph (1)(a), the person or entity shall take the measures referred to in the regulations.

  • Marginal note:Measures — other persons

    (2.1) If the person or entity determines that it is dealing with a person described in paragraph (1)(b) or (c) and considers, based on an assessment referred to in subsection 9.6(2), that the person poses a high risk of committing a money laundering offence or a terrorist activity financing offence, the person or entity shall take the measures referred to in the regulations.

• (2) Section 258 of the Act is amended by replacing the definition head of an international organization in the subsection 9.3(3) that it enacts with the following:

  head of an international organization

  head of an international organization means a person who, at a given time, holds — or has held within a prescribed period before that time — the office or position of head of an international organization that is established by the governments of states or the head of an institution of any such organization. (dirigeant d’une organisation internationale)

2000, c. 17; 2001, c. 41, s. 48Related Amendment to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act

438 Section 9.31 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, as enacted by section 258 of the Act, is replaced by the following:

Coordinating Amendments

Marginal note:2014, c. 20

• 439 (1) In this section, other Act means the Economic Action Plan 2014 Act, No. 1.

• (2) If subsection 256(2) of the other Act comes into force before section 436 of this Act, then

  • (a) that section 436 is deemed never to have come into force and is repealed; and

  • (b) the portion of paragraph 5(h) of the French version of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act before subparagraph (i) is replaced by the following:

    • h) les personnes et entités qui ont un établissement au Canada et qui se livrent à la fourniture de l’un des services suivants :

  • (c) subparagraphs 5(h)(iv) and (v) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act are replaced by the following:

    • (iv) dealing in virtual currencies, or

    • (v) any prescribed service;

  • (d) the portion of paragraph 5(h.1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act before subparagraph (i) is replaced by the following:

    • (h.1) persons and entities that do not have a place of business in Canada, that are engaged in the business of providing at least one of the following services that is directed at persons or entities in Canada, and that provide those services to their clients in Canada:

  • (e) subparagraphs 5(h.1)(iv) and (v) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act are replaced by the following:

    • (iv) dealing in virtual currencies, or

    • (v) any prescribed service;

• (3) If section 436 of this Act comes into force on the same day as subsection 256(2) of the other Act, then that section 436 is deemed to have come into force before that subsection 256(2).

• (4) If section 258 of the other Act comes into force before section 437 of this Act, then

  • (a) that section 437 is deemed never to have come into force and is repealed;

  • (b) subsections 9.3(2) and (2.1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act are replaced by the following:

    • Marginal note:Measures — politically exposed foreign persons

      (2) If the person or entity determines that it is dealing with a person described in paragraph (1)(a), the person or entity shall take the measures referred to in the regulations.

    • Marginal note:Measures — other persons

      (2.1) If the person or entity determines that it is dealing with a person described in paragraph (1)(b) or (c) and considers, based on an assessment referred to in subsection 9.6(2), that the person poses a high risk of committing a money laundering offence or a terrorist activity financing offence, the person or entity shall take the measures referred to in the regulations.

  • (c) the definition head of an international organization in subsection 9.3(3) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is replaced by the following:

    head of an international organization

    head of an international organization means a person who, at a given time, holds — or has held within a prescribed period before that time — the office or position of head of an international organization that is established by the governments of states or the head of an institution of any such organization. (dirigeant d’une organisation internationale)

• (5) If section 437 of this Act comes into force on the same day as section 258 of the other Act, then that section 437 is deemed to have come into force before that section 258.

• (6) On the first day on which both section 261 of the other Act and section 419 of this Act are in force, section 11.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is replaced by the following:

  Marginal note:Registration requirement

  11.1 Except as otherwise prescribed by regulation, every person or entity referred to in paragraph 5(h) or (h.1), those referred to in paragraph 5(l) that issue or sell money orders to, or redeem them from, the public, and every other person or entity that is referred to in section 5 and that is prescribed must be registered with the Centre in accordance with this section and sections 11.11 to 11.2.

• (7) If section 263 of the other Act comes into force before section 421 of this Act, then

  • (a) that section 421 is deemed never to have come into force and is repealed; and

  • (b) paragraph 11.12(1)(a) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is replaced by the following:

    • (a) a list of the applicant’s agents or mandataries or branches that are engaged, on behalf of the applicant, in the activities referred to in paragraph 5(h) or (h.1), in issuing or selling money orders to, or redeeming them from, the public if the applicant is a person or entity referred to in paragraph 5(l), or in any prescribed activities;

• (8) If section 421 of this Act comes into force before section 263 of the other Act, then, on the day on which that section 263 comes into force, paragraph 11.12(1)(a) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is replaced by the following:

  • (a) a list of the applicant’s agents or mandataries or branches that are engaged, on behalf of the applicant, in the activities referred to in paragraph 5(h) or (h.1), in issuing or selling money orders to, or redeeming them from, the public if the applicant is a person or entity referred to in paragraph 5(l), or in any prescribed activities;

• (9) If section 421 of this Act comes into force on the same day as section 263 of the other Act, then that section 421 is deemed to have come into force before that section 263 and subsection (8) applies as a consequence.

• (10) If section 434 of this Act comes into force before subsection 294(1) of the other Act, then that subsection 294(1) is repealed.

• (11) If section 434 of this Act comes into force on the same day as subsection 294(1) of the other Act, then that subsection 294(1) is deemed to have come into force before that section 434.

• (12) If section 434 of this Act comes into force before subsection 294(3) of the other Act, then that subsection 294(3) is repealed.

• (13) If section 434 of this Act comes into force on the same day as subsection 294(3) of the other Act, then that subsection 294(3) is deemed to have come into force before that section 434.

• (14) If section 434 of this Act comes into force before subsection 294(5) of the other Act, then that subsection 294(5) is repealed.

• (15) If section 434 of this Act comes into force on the same day as subsection 294(5) of the other Act, then that subsection 294(5) is deemed to have come into force before that section 434.

Marginal note:2014, c. 39

• 440 (1) In this section, other Act means the Economic Action Plan 2014 Act, No. 2.

• (2) If section 250 of the other Act comes into force before section 422 of this Act, then section 11.41 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is replaced by the following:

  Marginal note:Definition of foreign entity

  11.41 In this Part, foreign entity means

  • (a) an entity referred to in paragraph 5(h.1); or

  • (b) an entity, other than an entity referred to in section 5, that is incorporated or formed by or under the laws of a foreign state, including its subsidiaries, if any, and that does not carry on business in Canada, if it carries out activities similar to those of entities referred to in any of paragraphs 5(a) to (g) or activities referred to in paragraph 5(h) or (h.1).

• (3) If section 422 of this Act comes into force before section 250 of the other Act, then

  • (a) that section 250 is repealed; and

  • (b) on the day on which subsection 256(2) of the Economic Action Plan 2014 Act, No. 1 comes into force, section 11.41 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is replaced by the following:

    Marginal note:Definition of foreign entity

    11.41 In this Part, foreign entity means

    • (a) an entity referred to in paragraph 5(h.1); or

    • (b) an entity, other than an entity referred to in section 5, that is incorporated or formed by or under the laws of a foreign state, including its subsidiaries, if any, and that does not carry on business in Canada, if it carries out activities similar to those of entities referred to in any of paragraphs 5(a) to (g) or activities referred to in paragraph 5(h) or (h.1).

• (4) If section 422 of this Act comes into force on the same day as section 250 of the other Act, then that section 422 is deemed to have come into force before that section 250 and subsection (3) applies as a consequence.