FINTRAC Issues Guidance on Reporting Financial Transactions Related to Sanctions Evasion

Effective August 19, 2024, businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) must report transactions suspected to be related to sanctions evasion to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC recently issued guidance on when and how to report such...

OSFI Releases Annual Risk Outlook – Fiscal Year 2024-2025

On May 22, 2024, the Office of the Superintendent of Financial Institutions (OSFI) released its Annual Risk Outlook – Fiscal Year 2024 - 2025 (the “ARO”), which summarizes the current risk environment and underscores the primary risks facing Canada’s financial sector. The ARO outlines OSFI’s measures to maintain public confidence in Canada’s...

Canada: FINTRAC Advisory Concerning Financial Transactions Related to High-Risk Countries Identified by FATF

On April 29, 2024, the Financial Transactions and Reports Analysis Centre (FINTRAC) issued an updated advisory (the “Advisory”) concerning financial transactions related to countries identified by the Financial Action Task Force (FATF) as high-risk jurisdictions and under increased monitoring.

Canada: Budget 2024 Announces Additional Measures to Combat Financial Crime

In Budget 2024, the Government of Canada announced its intentions to amend the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the Criminal Code, the Income Tax Act, and the Excise Tax Act, and to take additional measures to strengthen the supervision, enforcement, and...

Canada: Obligations and Opportunity - Budget 2024’s Impact on the Blockchain Industry

As crypto-assets become subject to further regulation both domestically and globally, industry players find themselves presented not only with new obligations but also with new opportunities.