Mondaq | Coming Changes To Canada's Anti-money Laundering Laws
In the below article from Mondaq, the Government of Canada's declaration of a public order emergency in February 2022 went away as quickly as the measures were enacted.1 However, the choice of statutory language used by the Government in the Emergency Economic Measures Order and related Emergency Measure Regulations under the Emergencies Act, along with remarks at that time by the Deputy Prime Minister and Minister of Finance, left interested observers wondering whether fundamental changes to the application of Canada's main federal anti-money laundering/anti-terrorist financing (AML/ATF) laws were afoot.
As matters have developed, despite the revocation of the public order emergency, some of these measures will now likely find a permanent place in Canada's laws.
The 2022 federal budget, tabled on April 7, (Budget) announced that new regulations will be enacted to extend AML/ATF obligations to payment service providers (PSPs) and crowdfunding platforms, as well as legislative changes to strengthen the main federal AML/ATF and related laws, which includes the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Act) and the Criminal Code......
