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Canada's New AML/ATF Strategy: 2023-2026

· 2 min read
Nathan Carter
Anti-Corruption Consultant

Canada, known for its stable economy, renews its dedication to combating financial crimes with the unveiling of the new Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime Strategy for the period of 2023-2026. This strategy showcases Canada's commitment to a transparent and robust financial system able to withstand the challenges of illicit activities.

New Strategy Milestone in Canada's Ongoing Crusade​

The Department of Finance announces the publication of the strategy, providing insights into the key measures Canada intends to employ to combat money laundering and terrorist financing. It builds upon the previous strategy, which led to significant progress in implementing new regulations and strengthening the financial sector's institutional framework.

Focus Areas of the 2023-2026 Strategy​

  • Strengthening the risk-based approach: To counter money laundering and terrorist financing, Canada will update its risk assessment framework and enhance the regulator's ability to monitor financial institutions.
  • Enhancing international cooperation and coordination: The strategy supports global efforts to coordinate and share intelligence to fight financial crimes.
  • Expanding public awareness and education: An informed public is crucial to preventing financial crimes. Canada aims to increase public awareness and education through various channels to reduce the vulnerabilities in the financial sector.
  • Utilizing technology and innovation: The strategy recognizes technology's potential to significantly improve financial crime detection and prevention. Canada intends to collaborate with technology companies and experts to harness the power of innovation.

Current Challenges and Commitment to Improvement​

Despite advancements, the financial sector continues to face challenges, including the complexity of the global financial system, evolving criminal tactics, and technological advances. Canada remains committed to ongoing evaluation and improvement, aiming to stay ahead of emerging risks and maintain public trust.

Collaboration for Unwavering Efforts to Combat Financial Crimes​

Through partnerships among the government, financial institutions, and law enforcement agencies, Canada continues its vigilant efforts to combat financial crimes. This unwavering commitment solidifies Canada's position as a global leader in creating a secure and resilient financial system to the benefit of all Canadians.