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Proceeds of Crime (Money Laundering) and Terrorist Financing Act (S.C. 2000, c. 17)

Act current to 2020-09-09 and last amended on 2020-06-01. Previous Versions

AMENDMENTS NOT IN FORCE

  • — 2017, c. 20, s. 408(1)

      • 408 (1) Section 5 of the Act is amended by adding the following after paragraph (e):

        • (e.1) trust companies incorporated or formed by or under a provincial Act that are not regulated by a provincial Act;

  • — 2017, c. 20, ss. 415(2), (3)

      • 415 (2) The portion of subsection 9.4(1) of the Act before paragraph (a) is replaced by the following:

        • Correspondent banking
          • 9.4 (1) Every entity referred to in any of paragraphs 5(a), (b), (d), (e) and (e.1) and every other entity that is referred to in section 5 and that is prescribed shall take the measures referred to in the regulations in respect of any correspondent banking relationship it enters into with a prescribed foreign entity and shall take the following measures before entering into such a correspondent banking relationship:

      • (3) Subsection 9.4(3) of the Act is replaced by the following:

        • Definition of correspondent banking relationship

          (3) For the purposes of this section, correspondent banking relationship means a relationship created by an agreement or arrangement under which an entity referred to in any of paragraphs 5(a), (b), (d), (e) and (e.1) or an entity that is referred to in section 5 and that is prescribed undertakes to provide to a prescribed foreign entity prescribed services or international electronic funds transfers, cash management or cheque clearing services.

  • — 2017, c. 20, s. 417

    • 417 The Act is amended by adding the following after section 9.6:

      • Measures and information: paragraph 5(e.1)
        • 9.61 (1) Every entity referred to in paragraph 5(e.1) shall take the prescribed measures related to the program referred to in subsection 9.6(1) and shall provide the prescribed information to the Centre in the prescribed circumstances.

        • Service

          (2) An entity referred to in paragraph 5(e.1) must provide to the Centre the name and address for service of a person who resides in Canada and who is authorized to accept, on behalf of the entity, notices that are served or caused to be served by the Centre under this Act.

        • Authorized person

          (3) The service of a notice by or on behalf of the Centre on an entity referred to in paragraph 5(e.1) is sufficient if it is served on the person whose name is provided under subsection (2).

  • — 2017, c. 20, s. 423(1)

      • 423 (1) Subsection 11.42(1) of the Act is replaced by the following:

        • Minister’s written directive
          • 11.42 (1) In addition to any other measure required by this Act, the Minister may, by written directive, require any person or entity referred to in section 5 to take, in order to safeguard the integrity of Canada’s financial system, any measure specified in the directive with respect to any financial transaction, or any financial transaction within a class of financial transactions, originating from or bound for any foreign state, foreign entity or entity referred to in paragraph 5(e.1), that occurs or is attempted in the course of their activities, or with respect to any activity that is related to any such financial transaction or class of financial transactions.

  • — 2017, c. 20, s. 423(3)

      • 423 (3) Paragraphs 11.42(4)(a) and (b) of the Act are replaced by the following:

        • (a) an international organization, body, association or coalition or a grouping of states (such as the Financial Action Task Force) of which Canada is a member has called on its members to take measures in relation to a foreign state, foreign entity or entity referred to in paragraph 5(e.1) on the ground that the state’s or entity’s anti-money laundering or anti-terrorist financing measures are ineffective or insufficient; or

        • (b) the anti-money laundering or anti-terrorist financing measures that a foreign state, a foreign entity or an entity referred to in paragraph 5(e.1) has implemented are ineffective or insufficient and, as a result, the Minister is of the opinion that there could be an adverse impact on the integrity of the Canadian financial system or a reputational risk to that system.

  • — 2017, c. 20, s. 425

      • 425 (1) Paragraph 11.49(1)(a) of the Act is replaced by the following:

        • (a) imposing a limitation or a prohibition on any person or entity referred to in section 5, with respect to entering into, undertaking or facilitating, directly or indirectly, any financial transaction, or any financial transaction within a class of financial transactions, originating from or bound for any foreign state, foreign entity or entity referred to in paragraph 5(e.1);

      • (2) Paragraphs 11.49(3)(a) and (b) of the Act are replaced by the following:

        • (a) if

          • (i) an international organization, body, association or coalition or a grouping of states (such as the Financial Action Task Force) of which Canada is a member has called on its members to take measures in relation to a foreign state, foreign entity or entity referred to in paragraph 5(e.1) on the ground that the state’s or entity’s anti-money laundering or anti-terrorist financing measures are ineffective or insufficient, and

          • (ii) there is a risk that money laundering activities or terrorist financing activities may be carried out in that foreign state or by means of that foreign entity or entity referred to in paragraph 5(e.1); or

        • (b) if the anti-money laundering or anti-terrorist financing measures that a foreign state, a foreign entity or an entity referred to in paragraph 5(e.1) has implemented are ineffective or insufficient, the risk of money laundering activities or terrorist financing activities being carried out in that foreign state or by means of that foreign entity or entity referred to in paragraph 5(e.1) is significant and, as a result, the Minister is of the opinion that there could be an adverse impact on the integrity of the Canadian financial system or a reputational risk to that system.

  • — 2017, c. 20, s. 438

    • 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:

      • Prohibition if unregistered
        • 9.31 (1) No entity referred to in paragraph 5(a), (b), (d), (e) or (e.1) and no other entity that is referred to in section 5 and that is prescribed shall open or maintain an account for, or have a correspondent banking relationship with, a person or entity referred to in paragraph 5(h.1) unless that person or entity is registered with the Centre under section 11.1.

        • Definition of correspondent banking relationship

          (2) For the purposes of this section, correspondent banking relationship means a relationship created by an agreement or arrangement under which an entity referred to in paragraph 5(a), (b), (d), (e) or (e.1) or an entity that is referred to in section 5 and that is prescribed undertakes to provide to a person or entity referred to in paragraph 5(h.1) prescribed services or international electronic funds transfers, cash management or cheque clearing services.

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