Proceeds of Crime (Money Laundering) and Terrorist Financing Act
The Proceeds of Crime (Money Laundering) Act was amended in December, 2001 to become the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
The object of the PCMLTFA is:
- to implement specific measures to detect and deter money laundering and the financing of terrorist activities to facilitate the investigation or prosecution of money laundering and terrorist financing offences, including
- establishing record keeping and client identification requirements for financial services providers and other persons that engage in businesses, professions or activities that are susceptible to being used for money laundering, and the financing of terrorist activities,
(For more information, see Who must report?) - requiring the reporting of suspicious financial transactions and of cross-border movements of currency and monetary instruments, and
- establishing an agency that is responsible for dealing with reported and other information;
- establishing record keeping and client identification requirements for financial services providers and other persons that engage in businesses, professions or activities that are susceptible to being used for money laundering, and the financing of terrorist activities,
- to respond to the threat posed by organized crime by providing law enforcement officials with the information they need to investigate and prosecute money laundering or terrorist financing offences, while ensuring that appropriate safeguards are put in place to protect the privacy of persons with respect to personal information about themselves; and
- to assist in fulfilling Canada's international commitments to participate in the fight against transnational crime, particularly money laundering and the fight against terrorist activities.
Recent amendments
Amendments to the PCMLTFA received Royal Assent on December 14, 2006. The amending Bill C-25 can be consulted on the Parliament of Canada Web site.
A consolidated version of the PCMLTFA has been prepared for ease of reference by the Department of Justice Canada. It takes into account amendments that have been made to the PCMLTFA since its initial enactment and that are currently in force. The consolidation does not replace the official version.