Office of the Auditor General of CanadaOAG reports published in the past are available through Publications.gc.ca.

2003 April Report of the Auditor General of Canada Exhibit 3.4—Implementation of key legislation and regulations to combat money laundering, by date

2003 April Report of the Auditor General of Canada

April 2003 Report—Chapter 3

Exhibit 3.4—Implementation of key legislation and regulations to combat money laundering, by date

Legislation and regulations

Some key provisions

Legislation

1989 Criminal Code

  • Makes laundering the proceeds of crime a criminal offence and allows law enforcement agencies to seize the proceeds of crime.
  • Includes offences related to terrorist activities and the financing of terrorism.

2000, 2001 Proceeds of Crime (Money Laundering) and Terrorist Financing Act

  • Establishes requirements to keep records and identify clients for financial institutions and others open to being used for money laundering or the financing of terrorist activities.
  • Requires reporting of suspicious financial transactions and cross-border currency movements.
  • Creates the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) responsible for dealing with reported and other information.

2001 Immigration and Refugee Protection Act

  • Stipulates that a permanent resident or a foreign national cannot be admitted if there are reasonable grounds to believe he or she has, is, or may engage in organized criminal activities, such as money laundering across national borders.

2002 (proposed) Public Safety Act

  • Provides FINTRAC with the ability to collect information relevant to money laundering or terrorist financing that is stored in national security databases.
  • Provides FINTRAC and the Office of the Superintendent of Financial Institutions with the ability to share information on how financial institutions comply with the Act.

Regulations

2001 Proceeds of Crime (Money Laundering) Suspicious Transaction Reporting Regulations

  • Requires reporting where there are reasonable grounds to suspect that a financial transaction is related to a money-laundering offence.

2002 Regulations Excluding Certain Indictable Offences from the Definition of "Designated Offence"

  • Excludes offences under the Income Tax Act, Excise Act, Excise Tax Act, and other Acts from the proceeds-of-crime legislation and regulations.

2002 Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

  • Establishes requirements for reporting and keeping records of large cash transactions, confirming the identity of clients conducting transactions, and setting up a program to ensure that institutions comply.

2002 Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations

  • Expands the scope of reporting to include suspected terrorist financing and terrorist property.

2002 Cross-border Currency and Monetary Instruments Reporting Regulations

  • Requires persons to report to Canada Customs and Revenue Agency's customs officers the importation or exportation of large amounts of currency and monetary instruments, such as stocks, bonds, bank drafts, and travellers' cheques.