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Canada’s Financial Institutions Take a Step Forward in Anti-Corruption Efforts with New Budget Proposals

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The Canadian government has introduced several measures to strengthen its anti-money laundering (AML) regime, as outlined in the 2023 budget. The reforms aim to improve financial intelligence sharing between law enforcement agencies and financial institutions, protect whistleblowers who report suspicious activity, and criminalize unregistered money service businesses.

Budget Proposals Welcomed by Civil Society Organizations

A coalition of civil society organizations, including Publish What You Pay Canada, Transparency International Canada, and Canadians For Tax Fairness, has welcomed the government’s proposals. The groups praised the government for its commitment to strengthening AML regulations and addressing financial crimes.

Quotes from Coalition Members

Sasha Caldera, Beneficial Ownership Campaign Manager at Publish What You Pay Canada

“We are pleased that Minister Freeland has clarified the timeline for implementing a publicly accessible beneficial ownership registry,” said Sasha Caldera. “This is an important step towards transparency and accountability in the financial sector.”

James Cohen, Executive Director of Transparency International Canada

“Canada is finally getting on the right track in addressing financial crimes,” said James Cohen. “The government’s ’tough talk’ on AML and its commitment to implementing bold proposals are a positive step forward.”

Dr. DT Cochrane, Economist with Canadians For Tax Fairness

“A publicly accessible registry will significantly improve transparency and accountability in the financial sector,” said Dr. DT Cochrane. “Tax dodging and money laundering cost the public billions every year. A publicly accessible registry is crucial for improving tax compliance and enforcement.”

Plans to Establish a New Agency and Expand OSFI’s Scope

The budget also includes plans to establish a new agency dedicated to fighting financial crimes, the Canada Financial Crimes Agency. The agency will be responsible for investigating and prosecuting financial crimes, as well as providing training and support to law enforcement agencies.

Additionally, the Office of the Superintendent of Financial Institutions (OSFI) will expand its scope to improve information sharing between OSFI, the Financial Transactions Reports Analysis Centre of Canada (FINTRAC), and the Minister of Finance.

Call to Action

The coalition is urging the government to move forward with implementing the proposed reforms and to prioritize the passage of Bill C-42, which would establish a publicly accessible beneficial ownership registry. The group also recommends that the government work with provinces and territories to ensure that provincial entities can send beneficial ownership information directly into the central registry.

Conclusion

Overall, the Budget 2023 proposals mark an important step forward in Canada’s efforts to combat financial crimes and promote transparency and accountability in the financial sector.