Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Marginal note:Temporary retention

• 14 (1) Subject to subsections (2) to (5), if a person or an entity indicates to an officer that they have currency or monetary instruments to report under subsection 12(1) but the report has not yet been completed, the officer may, after giving notice in the prescribed manner to the person or entity, retain the currency or monetary instruments for the prescribed period.

• Marginal note:Importation or exportation by courier or as mail

  (2) In the case of currency or monetary instruments imported or exported by courier or as mail, the officer shall, within the prescribed period, give the notice to the exporter if the exporter’s address is known, or, if the exporter’s address is not known, to the importer.

• Marginal note:Limitation

  (3) Currency or monetary instruments may no longer be retained under subsection (1) if, during the period referred to in that subsection,

  • (a) the officer is satisfied that the currency or monetary instruments have been reported under subsection 12(1); or

  • (b) the importer or exporter of the currency or monetary instruments advises the officer that they have decided not to proceed further with importing or exporting them.

• Marginal note:Content of notice

  (4) The notice referred to in subsection (1) must state

  • (a) the period for which the currency or monetary instruments may be retained;

  • (b) that if, within that period, the currency or monetary instruments are reported under subsection 12(1) or the importer or exporter decides not to proceed further with importing or exporting them, they may no longer be retained; and

  • (c) that currency or monetary instruments retained at the end of that period are forfeited to Her Majesty in right of Canada at that time.

• Marginal note:Forfeiture and report to Centre

  (5) Currency or monetary instruments that are retained by an officer under subsection (1) are forfeited to Her Majesty in right of Canada at the end of the period referred to in that subsection, and the officer shall send any incomplete report in respect of the forfeited currency or monetary instruments made under subsection 12(1) to the Centre.