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Canada Unveils Sweeping Reforms to Combat Financial Crime

Ottawa, Canada - The federal government has announced a series of initiatives aimed at combating financial crime in Canada, including terrorist financing, corruption, sanctions evasion, tax evasion, money laundering, and fraud.

Enhancing Law Enforcement Powers

The measures outlined in the 2024 Budget include amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), which will enhance the powers of law enforcement agencies to investigate and prosecute financial crimes.

Establishing the Canada Financial Crimes Agency (CFCA)

A new agency, the CFCA, is being established to act as the country’s lead enforcement agency against financial crime. The CFCA will bring together existing law enforcement resources from the Royal Canadian Mounted Police (RCMP), intelligence capabilities from FINTRAC, and expertise from the Canada Revenue Agency.

Funding for the CFCA

The budget allocates $1.7 million over two years to finalize the design and legal framework of the CFCA. The establishment of the CFCA reflects an ongoing trend of specialized enforcement agencies or units dedicated to investigating and enforcing complex financial crimes.

Additional Support for International Efforts

The measures also include proposals to provide $29.9 million over five years for the Canada Border Services Agency (CBSA) to support the implementation of its new authorities under the PCMLTFA to combat financial crime and strengthen efforts to combat international financial crime.

Business Compliance

Businesses are advised to remain vigilant and ensure their policies are updated and revised to comply with all AML/ATF laws and regulations. The initiatives set out in the 2024 Budget continue a trend of legislative reforms and additional enforcement developments for complex financial crime.

“It’s clear that the government is taking a serious approach to combating financial crime,” said [Name], a leading expert on anti-money laundering and terrorist financing. “These reforms will help to strengthen Canada’s efforts to combat financial crime and protect its citizens from the risks associated with illegal activities.”

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